NPEX: Dusk’s Regulatory Edge

Through its strategic partnership with NPEX, Dusk gains a full suite of financial licences - MTF, Broker, ECSP and the forthcoming DLT‑TSS - embedding compliance across the protocol.

This regulatory coverage enables protocol‑level compliance across the entire stack, allowing regulated assets, licensed applications, and composable infrastructure to operate under one shared legal framework. 

It makes Dusk the first blockchain protocol able to bring real‑world finance fully on‑chain, with privacy and compliance built in by design.

Full Regulatory Coverage

Through NPEX, Dusk inherits:

• MTF License: Operate a regulated secondary market for trading securities.
• Broker License: Source assets like money market funds (MMFs) and bonds, and ensure best-price execution.
• ECSP: The European Crowdfunding Service Provider license grants the offering of retail-funded investment instruments across the entire EU.
• DLT-TSS License (in progress): Enable native issuance and tokenization of regulated assets on-chain.

Together, these licenses unlock the full lifecycle of compliant financial activity: issuance, investment, trading, and settlement, all within a shared, on-chain environment.

What This Unlocks

With licenses embedded at the protocol level, Dusk enables:

• Native Issuance of regulated assets like MMFs, treasuries, equities, etc.
• Licensed dApps built on a shared legal and technical foundation
• Single KYC onboarding across the entire ecosystem.
• Composability between applications using the same licensed assets.

On other networks, compliance is siloed at the application level. On Dusk, it’s embedded at the protocol layer.

This is what sets Dusk apart: regulated DeFi that’s network-native and legally composable.

NPEX dApp

This vision becomes real with the launch of the NPEX dApp, a fully licensed front-end and back-end for compliant asset issuance and trading.

Co-developed by the Dusk team and third-party financial infrastructure experts, the dApp will provide:

• A regulated backend for tokenized securities.
• A user-facing interface for direct access to real-world assets.
• Core infrastructure for developers building compliant DeFi.

Running on DuskEVM, the EVM application layer, the dApp integrates swiftly with the full spectrum of existing and standard tooling.

We are starting with tokenised assets from NPEX, 21X, and institutional players to bring the full range of regulated assets to the wider DeFi and investment ecosystem.

The Bigger Picture

Dusk and NPEX are laying the foundation for regulated DeFi at scale.

This is the first decentralized integrated financial stack, with regulatory licenses embedded in the blockchain protocol, with privacy and compliance built in by design.

For the first time, tokenized securities, licensed apps, and regulated infrastructure can interoperate natively under a single legal framework in an open network.

This is how real-world finance goes on-chain.