CACEIS, Crédit Agricole’s securities services arm, has made a minority investment in French tokenization firm Kriptown. The startup’s subsidiary Lise is in the process of applying for a license under Europe’s DLT Pilot Regime, which supports the use of blockchain for trading and settlement of digital securities. CACEIS said that Lise will launch soon. It’s not Kriptown’s only institutional backer, with BNP Paribas and BPI France investing last year.
The DLT Pilot Regime allows a single entity to operate both as a DLT Trading and Settlement System (DLT TSS). This contrasts with mainstream laws that require the separation of exchanges and central securities depositories.
But it’s not a simple or fast application process. Only four companies have been awarded any kind of EU DLT license since the supporting law came into force in early 2023. Just two firms have a combined DLT TSS license – Germany’s 21X and Lithuania’s Axiology. Of the two, only 21X has an additional exemption to support retail investors directly.
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