Why NPEX licenses matter more than the DuskTrade interface
MTF, Broker, and ECSP licenses are not decorative details.
They define who can trade, how orders are matched, how assets are issued, and how investor protection is enforced. Without this license stack, on chain trading of securities becomes legally ambiguous, regardless of how advanced the technology is.
DuskTrade does not attempt to bypass these requirements. It integrates them.
This is a subtle but important design choice. Blockchain handles settlement and auditability. Licensing handles market structure and compliance. Neither replaces the other.
The result is not a hybrid system.
It is a regulated system with on chain settlement.
