Ondo Secures Liechtenstein Approval to Launch Tokenized Stocks Across Europe

US-based tokenization firm Ondo Global Markets has secured regulatory approval in Liechtenstein to offer tokenized stocks and exchange-traded funds (ETFs) to investors across Europe, marking a major step for on-chain access to US markets.

The Liechtenstein Financial Market Authority (FMA) has authorized Ondo to roll out its tokenized equity and ETF products across the European Union and the wider European Economic Area (EEA). This means investors in 30 countries will be able to gain regulated, on-chain exposure to US securities.

According to Ondo, the approval potentially opens access for more than 500 million investors, who will be able to trade tokenized versions of US stocks and ETFs directly on blockchain infrastructure, subject to local rules and product rollout.

The announcement follows Ondo’s recent partnership with Boerse Stuttgart Group’s digital asset subsidiary BX Digital, which enables tokenized stock trading in Switzerland starting Nov. 3. The new Liechtenstein license extends Ondo’s footprint deeper into core European markets.

Liechtenstein, though not a member of the EU, is part of the EEA and has fully implemented the EU’s Markets in Crypto-Assets (MiCA) framework via its EEA MiCA Implementation Act, known as EWR-MiCA-DG, which came into force in February.

Thanks to Liechtenstein’s passporting regime, Ondo’s authorization can be used to service retail investors across all 27 EU states plus Iceland, Liechtenstein, and Norway under a unified regulatory framework aligned with investor-protection standards.

Crypto asset service providers will be required to hold MiCA authorization from the FMA after the current transition period ends on Dec. 31, 2025, tightening compliance expectations for tokenization and trading platforms.

The approval comes as EU institutions debate how much oversight national regulators should retain under MiCA, with proposals circulating to give the European Securities and Markets Authority direct supervisory power over all major crypto service providers in the bloc.