France Approves Lise: Europe’s SME Tokenized Stock Exchange
France’s ACPR has granted a DLT Trading and Settlement license to Lightning Stock Exchange (Lise) under the EU DLT Pilot Regime, enabling Europe’s first fully tokenized SME stock exchange. Backed by BNP Paribas, Bpifrance and CACEIS, Lise combines MTF and CSD functions on a single blockchain platform to offer instant settlement, 24/7 trading and lower counterparty risk. The exchange will launch its first on-chain IPO in early 2026, followed by up to 10 additional tokenized equity offerings by 2027. This approval comes amid a real-world asset tokenization boom—exceeding $33.9 billion to date, led by Ethereum ($12.1 billion) and Solana ($0.686 billion)—and marks a landmark step for regulated tokenized securities in Europe.
Bullish
By granting a regulated DLT license to a fully tokenized stock exchange, European regulators are validating blockchain-based equity trading and settlement. This regulatory clarity and institutional backing from BNP Paribas, Bpifrance and CACEIS is likely to increase demand for on-chain infrastructure—particularly Ethereum, which leads real-world asset tokenization—to facilitate tokenized securities. In the short term, traders may see higher volumes and liquidity in RWA tokens; over the long term, broader adoption could strengthen Ethereum’s utility and support price growth.