A 100% Blockchain Stock Exchange for SMEs: The First in Europe
France is preparing to host what could become the very first European marketplace entirely dedicated to tokenized stocks. A French company recently obtained a DLT TSS license (Distributed Ledger Technology for trading and settlement systems) issued by the competent regulatory authority, allowing it to operate a blockchain-based market.
This new structure aims primarily at small and medium-sized enterprises (SMEs), offering them simplified access to funding through a modernized stock market model.
A Rethought IPO Model
The platform intends to disrupt the traditional mechanics of initial public offerings. Thanks to stock tokenization, fees, complexity, and delays associated with traditional IPOs could be reduced. The first issuers are expected to be onboarded for the launch of tokenized IPOs in early 2026. Over time, several dozen listings should follow in the coming years.
By combining market functions (trading platform) and post-market functions (custodian) within a single digital framework, the platform aims to deeply modernize existing market infrastructures.
Key Players and Context
This initiative relies on support from major traditional financial partners in France, who see it as a way to participate in the digital transformation of markets. The European pilot DLT regime provides the regulatory framework that now makes such a project possible, legally overseeing market infrastructures based on blockchain.
Expected Impacts
- For SMEs: A more flexible alternative to traditional listing, offering simpler and potentially less costly fundraising opportunities.
- For Investors: More direct and transparent exposure to growth companies through digital securities.
- For the Financial Market: Modernization of trading, settlement, and securities management processes through automation and tokenization.
- For France and Europe: An opportunity to become a pioneer in tokenized assets and to create an innovative marketplace from both regulatory and technological perspectives.
Challenges Ahead
Even with the license granted, several obstacles remain: onboarding issuers, establishing reliable operational systems, raising awareness among investors and companies about the tokenized model, and demonstrating that this new framework works in real-world conditions. Early successes in early 2026 will therefore be crucial to validate the model.
