Ondo Global Markets, a US-based tokenization platform, has received regulatory approval from the Liechtenstein Financial Market Authority (FMA) to offer tokenized stocks and exchange-traded funds (ETFs) to investors across the European Union and the broader European Economic Area (EEA). The company announced this significant milestone on Tuesday, paving the way for over 500 million investors in 30 European countries to access regulated exposure to US markets directly on-chain.
This development follows closely on the heels of Ondo's partnership with Boerse Stuttgart Group’s digital asset arm, BX Digital. This collaboration, announced a few weeks prior to the FMA approval, aimed to facilitate tokenized stock trading in Switzerland, commencing on November 3.
Liechtenstein's Regulatory Framework and MiCA Implementation
Liechtenstein's regulatory approval positions Ondo to provide its tokenized stock and ETF offerings to retail investors throughout all 30 EEA countries, which include all 27 EU member states, as well as Iceland, Liechtenstein, and Norway. The company stated that this regulatory milestone allows Ondo to operate within a unified, regulated European framework that aligns with established investor-protection standards.
While Ondo has not explicitly detailed the specific framework under which it obtained approval in Europe, the company emphasized Liechtenstein's passporting regime, which extends its regulatory reach across the entire EEA. As an EEA member state, Liechtenstein has implemented the EU-wide Markets in Crypto-Assets (MiCA) framework through the EEA MiCA Implementation Act, EWR-MiCA-DG. This legislation came into effect in February, and following the expiration of the transitional regime on December 31, 2025, crypto asset service providers (CASPs) will be required to hold MiCA authorization from Liechtenstein’s FMA.
Broader EU Regulatory Landscape
The news of Ondo's approval emerges amidst increasing tensions within the European Union concerning the division of supervisory authority among member states under the MiCA regulation. Reports indicate that EU officials are developing plans to designate the European Securities and Markets Authority (ESMA) as the direct regulator for all CASPs operating within the bloc.
Cointelegraph reached out to Ondo and the FMA for comment on the specific nature of the approval but had not received a response at the time of publication.