Real world asset tokenisation has matured from white paper to working infrastructure. The question for UK founders and operators is now less whether it works, and more what the stack actually looks like end to end.

When the FCA launched the PISCES sandbox framework in June 2025, most commentary treated it as an interesting experiment. Less than a year later, the UK has four approved private company trading platforms, the first trades have been completed, and one operator has launched without charging fees or r

Existing shareholders - early employees, angels, seed funds - can transact in controlled, periodic windows without the company losing its private status or triggering the ongoing reporting obligations of an MTF or public exchange.

For UK founders sitting on illiquid equity, the landscape for secondary share trading just quietly got bigger. On 22 April 2026, Asset Match Limited became the third operator to receive FCA approval to run a trading venue under the PISCES framework - the Private Intermittent Securities and Capital Exchange System - Britain's regulated sandbox for trading shares in private companies. This follows approvals for the London Stock Exchange's Private Securities Market (PSM) and

This month, something changed. Republic Europe — formerly known as Seedrs, one of the UK's most established equity crowdfunding platforms, has partnered with the London Stock Exchange to offer access to PISCES: the Private Intermittent Securities and Capital Exchange System. It is a clunky acronym for something genuinely significant.