France’s Lise Exchange has become the first European platform authorized to trade and settle listed shares entirely on blockchain.
The milestone marks a major leap in the region’s regulated digital asset infrastructure.
SponsoredFrance Leads Europe’s Shift to 24/7 Regulated Digital Markets
The Autorité de contrôle prudentiel et de résolution (ACPR), Banque de France, and Autorité des marchés financiers (AMF) granted the company a DLT Trading and Settlement System (DLT TSS) license. The license operates under the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA) oversight.
Lise is now the first exchange to combine the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD). The MTF matches buyers and sellers, while the CSD records ownership of natively tokenized equities. These tokenized shares exist only as cryptographic records but retain full shareholder rights and ISIN codes.
Instant Settlement Meets Institutional Regulation
The launch comes amid a surge in tokenized assets. The 2025 RWA Report shows that their market has grown 224% since early 2024. The data signals rapid institutional adoption across Treasuries, credit, and equities. Lise’s model could anchor this shift toward tokenized equities within the EU’s regulatory perimeter.
ESMA’s June 2025 review of the DLT Pilot Regime found only three active infrastructures: CSD Prague, 21X AG, and 360X AG. It recommended lowering entry barriers to attract major issuers. The report also identified Lise and Kriptown as advanced French applicants and stressed that access to central bank money remains key for scaling.
Salman Banaei, Plume’s General Counsel, told BeInCrypto that compliance with KYC, AML, asset backing, and transparent redemption is essential for institutional trust.
From vision to reality: the story of a market shift
Globally, regulators are converging on similar standards. The US Securities and Exchange Commission has approved Plume as a registered transfer agent for tokenized securities, linking on-chain shareholder data with the DTCC. In Europe, Standard Chartered Bank has expanded its custody partnership with OKX. The move allows institutions to trade while keeping assets under bank custody in line with MiCA. Meanwhile, Ondo Global Markets has onboarded over $300 million in tokenized stocks and ETFs in just one month, strengthening Europe’s real-world-asset (RWA) ecosystem.
Together, these developments mark tokenization’s evolution from pilots to mainstream finance. For Europe, Lise’s license places Paris at the forefront. It bridges blockchain efficiency with central-bank credibility and lays the foundation for an always-on capital market.
