Traditional financial institutions have a love–hate relationship with blockchain. They’re drawn to the efficiency, transparency, and reduced intermediary costs that on-chain settlement promises, yet they remain deeply cautious. In Europe especially, strict regulatory regimes like MiCA and MiFID II leave no margin for error—one compliance slip can mean massive fines or even loss of operating licenses. For most institutions, that risk is simply unacceptable.
This is why the partnership between Dusk and the Dutch exchange NPEX is such a landmark moment. With more than €200 million worth of equities and bonds successfully tokenized on-chain, this collaboration serves as a genuine real-world proving ground for the RWA sector. Instead of abstract narratives or marketing buzzwords, it exposes the true operational and regulatory challenges—and, more importantly, demonstrates a practical path forward. That kind of execution is far more meaningful than projects that only talk about “institutional adoption.”
NPEX may not be widely known outside the Netherlands, but domestically it is a fully licensed and respected player. It operates under an AFM-issued MTF (multilateral trading facility) license, holds an ECSP crowdfunding license, and has broker authorization—credentials that effectively function as a regulatory passport within the EU. Its core business focuses on helping small and medium-sized enterprises raise capital through equity and bond issuance, supported by a network of more than 17,500 investors.
While NPEX isn’t a financial giant, that’s precisely what makes it ideal for blockchain experimentation. It’s large enough to validate whether on-chain infrastructure can handle real-world financial activity, yet small enough that any issues won’t pose systemic risk. This “mid-sized, controlled pilot” approach is far more credible than reckless large-scale deployments—and it’s exactly what Europe’s RWA market needs to move from theory to reality.
