Deploying real financial products like stocks and bonds on a public blockchain isn’t just a technical problem. It’s a legal, regulatory, and market-structure challenge. Without regulatory approval, licensed counterparts, and compliant infrastructure, tokenization remains a demo—not a market.
Dusk Network understands this reality.
Instead of avoiding regulation, Dusk is building a blockchain explicitly designed to support regulated financial assets within existing legal frameworks. Its strategy centers on working directly with regulators, licensed exchanges, and institutional partners to make on-chain finance viable in the real world.
Regulation-first, not regulation-later
While many crypto projects emphasize decentralization at all costs, Dusk takes a different path. It is developing infrastructure where compliance is embedded at the protocol level. That means applications built on Dusk don’t need to reinvent legal tooling—regulatory requirements already exist at the network layer.
This approach enables real-world assets (RWAs) such as equities, bonds, and funds to be issued, traded, and settled on-chain in a legally sound way.
NPEX partnership: licensed finance on-chain
In 2025, Dusk partnered with NPEX, a Dutch regulated exchange. Through this collaboration, Dusk gained access to key financial licenses covering trading, brokerage services, crowdfunding, and blockchain-based trading and settlement.
These licenses allow Dusk-powered applications to legally handle regulated assets like stocks and bonds. The result is the NPEX dApp—a compliant on-chain marketplace where companies can issue tokenized securities and investors can trade them under existing financial laws.
By integrating NPEX, 21X, and other institutional participants directly into Dusk’s smart contracts, the network demonstrates that regulated on-chain markets can function safely and efficiently.
21X collaboration: public blockchain under EU DLT rules
Dusk also collaborates with 21X, one of the first firms approved under Europe’s DLT Pilot Regime, a framework designed to test blockchain-based trading and settlement systems.
Unlike most regulated venues that rely on private blockchains, 21X operates on public networks. Dusk aims to become a supported blockchain for regulated trading by providing a smart-contract layer that satisfies compliance requirements while remaining open and transparent.
This partnership highlights a key Dusk advantage: privacy with accountability. Large trades can occur without exposing sensitive information publicly, while regulators retain full access when required.
Building Europe’s blockchain-based stock exchange
Dusk, NPEX, and Cordial Systems jointly contributed to creating one of Europe’s first blockchain-based stock exchanges. NPEX brings regulatory authorization, Dusk provides the blockchain infrastructure, and Cordial delivers institutional-grade wallet technology.
This setup allows institutions to maintain direct control over assets without relying on third-party custodians—an essential requirement for banks and large investors.
Importantly, tokenized securities are already live, proving that public blockchains can support real, regulated stock trading beyond pilot experiments.
STOX: Dusk’s native trading platform
Beyond partnerships, Dusk is developing its own regulated trading platform: STOX.
STOX will allow users to access tokenized assets such as money-market funds, stocks, and bonds directly on-chain. Built on Dusk smart contracts and rolled out in phases, STOX complements—not replaces—NPEX. Since NPEX operates as a licensed broker, STOX can legally offer a wide range of regulated products.
By controlling the full lifecycle—from onboarding to settlement—Dusk can combine staking, payments, and tokenized assets in ways traditional brokers cannot.
The DLT-TSS license and institutional readiness
A core goal in Dusk’s roadmap is obtaining a DLT Trading and Settlement System (DLT-TSS) license, enabling securities to be issued and settled directly on-chain without traditional custodians.
This process requires deep coordination with regulators, legal experts, and exchanges—but once approved, it would position Dusk as compliant infrastructure for European capital markets.
Dusk is also fully aligned with MiCA, supporting payment tokens, asset-backed tokens, and utility tokens within proper regulatory boundaries.
Real-world controls: identity, governance, and recovery
Regulated finance requires more than token transfers. Dusk includes features designed for real-world scenarios:
Forced transfers for court orders or lost access
On-chain shareholder voting based on token ownership
Identity verification to ensure only eligible investors hold regulated assets
These tools may reduce pure decentralization, but they are essential for investor protection and legal enforceability.
Toward an on-chain securities depository
Dusk is moving toward functioning as a blockchain-based central securities depository, managing ownership records and settlement natively on-chain.
This model reduces costs, accelerates settlement, and embeds compliance directly into infrastructure—positioning Dusk alongside traditional financial market providers rather than outside them.
Cross-chain access and stablecoin relevance
Through Chainlink, Dusk connects with Ethereum and Solana, enabling secure cross-chain asset movement and reliable market data feeds—both critical for regulated trading.
This makes Dusk especially relevant for stablecoin issuers, who require compliant access to real-world assets for reserve management under European regulations.
Final thoughts
Dusk Network is taking a disciplined, regulation-first approach to blockchain finance. By working with licensed exchanges, developing compliant trading platforms, pursuing key regulatory approvals, and embedding legal safeguards into the protocol itself, Dusk is building infrastructure—not hype.
If real companies, investors, and trading volume follow, Dusk could become foundational infrastructure for tokenized finance—proving that public blockchains and regulation don’t have to collide, but can evolve together.
Disclaimer: No financial advice. Includes third-party opinions.
