Onchain exchange: Lise obtains approval, the race accelerates in Europe

After years of preparation and collaboration with European regulators, Lise has become the first French player authorised to operate a DLT TSS system (pilot regime).

This licence, granted under the European pilot regime (DLTPR), allows Lise to combine the functions of multilateral trading facility (MTF) and central securities depository (CSD) on a single blockchain infrastructure.

"We are ushering in a new era for capital markets in Europe, with a fully regulated, 24/7 accessible, secure and efficient tokenised exchange," explains Mark Kepeneghian, founder and CEO of Lise (formerly Kriptown).

Prior to this, only Germany's 21X and Lithuania's Axiology had achieved this status in Europe. In the United States, Securitize, backed in particular by BlackRock, is pursuing a similar trajectory, accelerating the global race for tokenised markets.

A platform designed for SMEs and SMIs

Lise targets medium-sized companies and SMEs, offering access to primary and secondary markets within a regulated framework.

Thanks to the blockchain infrastructure, order execution and settlement-delivery are carried out instantaneously and in an integrated manner, structurally limiting counterparty risk. Quoting becomes continuous, paving the way for real-time share trading, 24/7.

The start-up is backed by institutional investors such as BNP Paribas, Bpifrance and CACEIS (Crédit Agricole). Based on a private blockchain, Lise also promises interoperability with other blockchains.

Mark Kepeneghian sums up what's at stake: "The aim is to offer an alternative method of financing to SMEs and SMIs that don't want to go through the traditional markets or the banking system."

With the first IPOs expected in early 2026, Lise is becoming a major player in the transformation of European financial markets. Regulators and investors are watching closely: the tokenisation of shares is no longer an experimental project, but a global trend in full swing.

The race to on-chain exchanges is on

Lise's authorisation illustrates a global acceleration. In both Europe and the US, banks and start-ups are stepping up initiatives to create fully tokenised markets.

In the US, Nasdaq has filed a proposal with the SEC to allow trading of stocks and exchange-traded products (ETPs) in the form of tokens.

This initiative, if approved, would make Nasdaq the first major US exchange to adopt tokenised securities, integrating blockchain into the existing national market system. The launch is scheduled for the third quarter of 2026, subject to SEC approval and preparation of the necessary infrastructure.