Introduction
With the emergence of Bitcoin (2009) and Ethereum’s introduction of programmable contracts (smart contracts), the concept of “disintermediation” entered the financial world. Today, traditional financial institutions have begun to provide a specialized payment infrastructure designed to help them easily manage fiat and crypto transactions by integrating blockchain technology. The DLT Pilot Regime is a temporary legal framework created by the EU to test the use of Distributed Ledger Technology (DLT), i.e., blockchain, in the financial services sector and to remove legal barriers. The main objective of this regime is to create a controlled experimental environment in areas where traditional market rules (particularly MiFID II and CSDR) hinder the innovations brought about by blockchain technology. This report highlights the importance of listing a security on an exchange after converting it into a digital asset in terms of the acceptance of digital assets.
Tokenization Process
RWA tokenization, i.e., the conversion of real-world assets into digital tokens, is essentially the process of turning a physical or financial asset you own into a digital asset via blockchain technology. These digital tokens represent the ownership or yield of that asset. This means that the asset can be easily bought and sold on the blockchain without the need to physically carry or transfer it. Thus, assets such as real estate, art, or gold are transferred to a digital market environment accessible to everyone for trading. The inclusion of real-world assets in the DeFi ecosystem could completely change the rules of the game. Taking bonds as an example, the digital asset representing the bond is typically created with an ERC-20 (or similar standard) smart contract and placed on the chain. This converts all the rights and obligations of the bond into a programmable digital form. As an example, SIX Digital Exchange (SDX), the digital arm of the Swiss Stock Exchange, has enabled traditional issuers to issue tokenized bonds and facilitated the trading of these bonds in both digital and traditional markets. In equities, the Lise Exchange stands out with its Equity Token, accelerating public offerings and preparing to transform the European financial system within a legal framework.
Lise (Lightning Stock Exchange) License Approval
Lightning Stock Exchange (Lise) is a subsidiary of Kriptown, a French company that has been working on asset tokenization since 2018. Acting as an exchange infrastructure, it enables investment banks and brokerage firms to collaborate with Lise, providing their clients access to this new tokenized market rather than allowing investors to buy and sell shares directly from Lise.
Lise is one of the first institutions to combine the roles of both an exchange (MTF – Trading) and a Central Securities Depository (CSD – Clearing/Custody) within a single DLT system.
Lise announced plans to conduct its first local digital public offerings (tokenized shares) in early 2026, having successfully obtained a license to operate as a fully tokenized stock exchange in Europe. They began using tokenization to overcome inefficiencies and access barriers in traditional financial markets. It aims to convert a traditional Money Market Fund into a token, automating the ownership, transfer, and income distribution of the fund through smart contracts. The goal is to tokenize funds, making them more accessible to individual and institutional investors and creating a new source of liquidity for funds.
Europe’s Stance on Cryptocurrencies
The European Union has begun to establish a legal framework for the crypto sector through comprehensive regulation, introducing uniform rules for crypto-asset service providers, stablecoins, and initial coin offerings. The primary purpose of the Markets in Crypto-Assets Regulation (MiCA), enacted to facilitate the growth of legal companies across the European Union, is to provide legal clarity in the market. Thanks to MiCA, when a crypto company obtains a license in one EU country, that license has the potential to become valid in all other EU member states. This regulatory framework protects consumers by preventing money laundering and market manipulation. The European Union has stated its position on crypto assets through the Bank of England, describing them as “risky assets.” Bank of England Governor Andrew told the Financial Times earlier this month that “widely used stablecoins should be regulated like banks.” He pointed to central bank guarantees for systemic issuers.
Conclusion and Evaluation
The licensing of Lise is a sign that Europe is taking steps to build trust in crypto assets, viewing them as part of the future of the financial system. As a globally circulating institution, the Lightning Stock Exchange has taken a cautious approach since the UK began listing money-like instruments intertwined with government bond markets. Along this path, the Financial Conduct Authority (FCA) continues to issue recommendations and implement comprehensive regulations for local issuers. The UK acknowledges that the stablecoins used are risky assets. On the downside, their potential could push the economy toward de facto dollarization in the future through USD-denominated tokens.
Among the risks associated with cryptocurrencies is the fact that they do not carry the obligations of an issuer in the traditional banking sense, blurring the line between private assets and public money for stable cryptocurrencies. The Bank of England, the EU’s reserve requirement, and the US GENIUS Act show that policymakers accept some of this risk. France, a member of the European Union, has taken a clear and system-wide approach by licensing Lightning Stock Exchange to treat cryptocurrencies not only as tradable crypto assets but as part of the money supply.
Disclaimer
The information, analyses, and opinions presented in this article are for informational and educational purposes only and do not constitute investment advice. Investment decisions should be made based on personal financial circumstances, objectives, and risk tolerance. While the data and regulatory references have been prepared from reliable sources, Darkex does not guarantee their completeness or accuracy. The article may include forward-looking statements about the digital asset market, regulatory developments, or institutions mentioned; these are subject to change without notice. Darkex and its affiliates are not responsible for any financial losses or damages arising from the use of this content.
