**[France's Lise Approved to Establish Europe's First Tokenized Securities Exchange]** Paris-based securities exchange Lise has received a Distributed Ledger Technology Trading System (DLT TSS) license from France's financial regulator, the Prudential Supervision and Resolution Authority (ACPR), becoming the first company in Europe authorized to operate a fully tokenized stock exchange. Lise focuses on the IPO market for small and medium-sized enterprises (SMEs) and mid-sized companies, targeting businesses with a market capitalization of less than €500 million, with at least half being SMEs valued at under €200 million. The exchange plans to launch its first IPOs in early 2026, with a focus on the energy and infrastructure sectors. Lise's innovation is based on blockchain technology, aiming to streamline the issuance, trading, and settlement processes of financial products, providing more efficient financing channels for SMEs.