France Approves First Tokenized Stock Exchange Under EU Pilot Regime

France's financial regulator has greenlit the country's inaugural blockchain-based stock exchange, authorizing LISE SA to operate as a multilateral trading facility and settlement system using distributed ledger technology. The platform, approved under the EU's Pilot Regime, will enable small and mid-sized companies to list tokenized shares for direct retail investor participation.

The Autorité des Marchés Financiers signed off on LISE's 72-page rulebook on October 13, marking a significant step toward modernizing capital markets infrastructure. The exchange targets French firms valued below €500 million, offering an alternative to traditional venues like Euronext.

"The Pilot Regime allows creation of market infrastructures where individual investors can trade directly," states the regulatory document. This development signals growing institutional acceptance of blockchain technology for securities trading, following years of dominance by crypto and CFD platforms in tokenized assets.