France Approves Lightning Stock Exchange to Launch First Tokenized Equity Market

Highlights:

• France has approved Lise as the first tokenized stock exchange to combine trading and settlement on blockchain.
• Lightning Stock Exchange will help small firms raise funds through fast and secure tokenized public offerings.
• Institutional investors back France’s plan to make equity markets more transparent through blockchain integration.

France has approved Lise, the country’s first fully tokenized equity exchange. The exchange has received a DLT TSS license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The approval follows close coordination with the Banque de France, the European Central Bank, the AMF, and the European Securities and Markets Authority (ESMA).

France's Lightning Stock Exchange (Lise) gets ACPR DLT TSS license, becoming the first to combine MTF and CSD on a single blockchain for instant trading and settlement. Backed by BNP Paribas and others, it targets tokenized IPOs for small/mid-caps in 2026. #TokenizedSecurities

— Vincent Bu Lu (@VincentBuLu1) October 17, 2025

The license falls under the European Union’s DLT Pilot Regime. This framework enables financial infrastructures based on blockchain to be used in more traditional legal frameworks. Lise will combine trading and settlement functions on a single distributed ledger. This approach removes settlement delays and lowers counterparty risks for investors.

The model also introduces the possibility of 24-hour trading. It will allow instant transactions between participants, which could transform how French markets function. The integration of a Multilateral Trading Facility and a Central Securities Depository on blockchain technology marks a first for France.

“This is a true breakthrough for capital markets,” said Mark Kepeneghian, CEO of Lise. He added that the license will help simplify market participation and improve access to capital for smaller firms. The new structure positions France as one of Europe’s early leaders in tokenized financial infrastructure.

Lightning Stock Exchange Targets SMEs with Blockchain-Powered IPO Model

The Lightning Stock Exchange intends to liberalize capital markets for small and mid-cap businesses. Several of these companies have experienced obstacles to IPOs. Through blockchain technology, Lise will make the listing process affordable and speedy. The exchange will enable companies to issue tokenized shares while investors trade them directly on-chain.

Lise is a subsidiary of Kryptown, a digital market-oriented fintech company. It is highly supported by major French institutions, such as BNP Paribas, Bpifrance, and CACEIS. The exchange intends to launch its initial tokenized IPOs in early 2026. It expects to conduct ten more offerings by 2027 after completing testing and issuer onboarding.

The DLT TSS license enables Lise to operate as a trading venue and a securities depository. This arrangement simplifies the process and removes the necessity of a series of mediators. It also contributes to quicker settlements, which assists in the minimization of costs and risks.

About the same period, the London Stock Exchange Group launched its Digital Markets Infrastructure, which is based on blockchain. Nasdaq also applied to the United States Securities and Exchange Commission to trade stock tokenization with similar protection as standard shares. In the meantime, companies such as Robinhood, Kraken, and Gemini have already begun to provide tokenized stock trading in Europe. Coinbase and Dinari, among others, are seeking approvals in the United States.

JUST IN: 🇬🇧 London Stock Exchange Group (LSEG) launches its blockchain platform Digital Markets Infrastructure, starting with private funds – Bloomberg. pic.twitter.com/msqdQ8pABk

— Whale Insider (@WhaleInsider) September 15, 2025

The retail tokenized stock market has increased rapidly to reach a valuation of $412 million, as compared to a few million last year. This influx reflects that tokenized assets are on the rise among investors who want more accessible and transparent markets.

Institutional Backing Strengthens France’s Push for Tokenized Securities

There is a growing institutional belief in the tokenized market in France. Recently, Crédit Agricole CACEIS took a minority stake in Kryptown to help Lise develop. The investment aligns with CACEIS’ long-term digital asset strategy. The bank said the move strengthens its role in shaping the next generation of market infrastructure.

The approval of Lise strengthens France in its quest to spearhead the shift towards blockchain-focused finance in Europe. The exchange could shape the future market structures on the continent by integrating trading and settlement into a single digital system.