France’s Lightning Stock Exchange Could Launch First Tokenized IPOs in Q1 2026 After DLT TSS License Amid BTC Tokenization Trend

• ACPR-issued DLT TSS license enables Lise to operate a regulated tokenized equity market in France and across the EU.

• Lise aims to launch its first tokenized IPO in Q1 2026 and expects additional tokenizations in 2027 as part of its SME-focused roadmap.

• Backed by major French banks (including BNP Paribas and Bpifrance) and minority investment from Caceis; EU DLT Pilot Regime and MiFID II underpin the framework.

DLT TSS license: Lise can operate tokenized IPOs for SMEs across Europe—read how regulated tokenization lowers costs and readies listings (COINOTAG).

Published: 16 October 2025. Updated: 16 October 2025. Author/Organization: COINOTAG

Lightning Stock Exchange (Lise), a Paris-based market operator and subsidiary of Kriptown, has been granted a DLT trading and settlement (TSS) license by France’s Prudential Supervision and Resolution Authority (ACPR). The approval clears the way for Lise to operate a fully tokenized equity exchange tailored to small and medium-sized enterprises (SMEs) across Europe.

The exchange is backed by established French financial players, including BNP Paribas and Bpifrance, and recently saw Caceis (the asset servicing arm of Crédit Agricole) acquire a minority stake in Kriptown to support the launch. Lise’s leadership says the first tokenized IPO is targeted for the first quarter of 2026 as a proof-of-concept, followed by plans to tokenize multiple additional IPOs in 2027.

What is the DLT TSS license?

The DLT TSS license is an authorization under the European Union’s DLT Pilot Regime that permits market infrastructures to perform both trading and post-trade settlement functions for assets represented on distributed ledger technology. The license allows Lise to combine multilateral trading facility (MTF) functions and central securities depository (CSD) functions in a single regulated platform, enabling compliant tokenized IPOs.

How will Lise’s tokenized IPOs work?

Lise intends to tokenize primary-market equity issuances by representing shares as digital tokens on a distributed ledger. Issuer onboarding, regulatory compliance checks, custody, and automated settlement will be integrated within the platform to reduce manual reconciliation and settlement time.

Market infrastructures within the EU’s DLT Pilot Regime. Source: The European Securities and Markets Authority

Under the EU DLT Pilot Regime (effective March 2023) and the Markets in Financial Instruments Directive (MiFID II) framework, Lise’s architecture combines exchange and post-trade services to shorten settlement cycles and reduce costs associated with traditional IPO workflows. Mark Kepeneghian, Lise managing director, said the approval “authorizes us to operate the first tokenized stock exchange dedicated to equities in Europe,” emphasizing both security and cost-efficiency.

The platform will follow strict issuer due diligence and investor protection rules. Operational readiness will include issuer onboarding, KYC/AML checks, smart-contract audits, and stress-tested settlement processes. Company statements indicate the first tokenized listing will demonstrate operational viability and regulatory compliance ahead of broader rollouts.

Frequently Asked Questions

When will Lightning Stock Exchange launch its first tokenized IPO?

Lise targets the first quarter of 2026 for its inaugural tokenized IPO, contingent on completion of issuer onboarding and final operational readiness testing. The firm has stated an ambition to tokenize an additional set of IPOs in 2027 as the model is validated and scaled.

Can retail investors access tokenized IPOs on Lise?

Access will depend on regulatory approvals, investor eligibility, and each issuer’s offering terms. Lise plans to operate under EU rules designed to protect investors, so participation may be limited by prospectus requirements, investor suitability checks, and national regulations — details will be disclosed at each offering.

Key Takeaways

• Regulatory milestone: The ACPR-issued DLT TSS license permits Lise to operate a regulated combined trading-and-settlement venue for tokenized equities.
• SME focus: Lise targets startups and small to medium enterprises, aiming to lower IPO costs through tokenization and streamlined settlement.
• Roadmap: First tokenized IPO expected Q1 2026 as proof-of-concept; further tokenizations planned in 2027 to scale the model.

Conclusion

The ACPR’s DLT TSS license positions Lightning Stock Exchange to pioneer regulated tokenized IPOs in Europe under the EU DLT Pilot Regime and MiFID II safeguards. Backing from major French banks and a minority investment from Caceis underscores institutional support. As Lise moves toward a Q1 2026 launch, market participants and issuers will watch operational and regulatory milestones closely; COINOTAG will monitor and report subsequent developments.

Author/Organization: COINOTAG • Sources: ACPR, European Securities and Markets Authority, EU DLT Pilot Regime, MiFID II, statements from Mark Kepeneghian and Caceis (Crédit Agricole group).