Overview
- Lise received a DLT Trading and Settlement System license from France’s ACPR on October 16 under the EU’s DLT Pilot Regime, with input from the Banque de France, ESMA, the AMF, and the European Central Bank.
- The authorization permits a combined market structure that merges Multilateral Trading Facility and Central Securities Depository functions within one digital framework.
- The exchange targets French SMEs and midcaps below €500 million in market value, with at least half of issuers under €200 million, and plans initial tokenized IPOs in early 2026 following onboarding and readiness testing.
- Lise operates as a subsidiary of Kriptown and counts CACEIS, BNP Paribas, and Bpifrance among its backers, with CACEIS taking a minority stake in Kriptown in August.
- Company statements say the model is designed to speed settlement, reduce costs, and increase transparency, with a debut IPO positioned as a proof-of-concept and roughly 10 additional offerings planned in 2027.