Lithuania's Axiology has received an extended MiFID authorisation from the Bank of Lithuania covering the reception, transmission and execution of client orders. Institutions can now subscribe to and redeem units in tokenised money market funds directly through the company.
Photo: Marius Jurgilas is chief executive at Axiology.
Axiology is a Lithuanian company that provides infrastructure for trading, settlement and custody of tokenised securities, regulated by Lithuania's central bank, Lietuvos bankas. The company has held authorisation since July 2025 to operate a combined trading and settlement system for tokenised securities under the EU's DLT Pilot Regime, and was among the first DLT operators connected to Pontes, the Eurosystem's service for settling tokenised securities in central bank money. The Bank of Lithuania is now extending the company's MiFID authorisation as an investment firm to also cover order reception, transmission and execution, a step that could make it easier for banks and other financial firms to place and redeem capital in tokenised funds through a single provider.
The extended licence gives Axiology the right to receive and transmit orders, and to execute them on behalf of clients. That means the company can take in investment instructions from clients, carry out the transactions itself, or pass the orders on to other venues and counterparties. Combined with its existing authorisations, Axiology can now cover the full investment process within a single regulated firm, from order handling through to trading, settlement and custody.
The expansion is particularly relevant for treasury teams looking to invest in tokenised money market funds. Axiology can now handle investment orders and facilitate subscriptions and redemptions with fund providers, alongside its existing settlement and custody services. That reduces the need for separate brokerage arrangements and makes it easier for institutions to access and manage tokenised investments.
– Tokenisation has the potential to make capital markets much more efficient, but there's little benefit in simplifying the technology if investors still have to navigate a complicated process to access it. For treasury teams, that means dealing with multiple providers to place an order, complete a transaction and manage their holdings. Extending our authorisation is a deliberate step towards bringing the full investment process under one regulated roof. By combining brokerage with our existing infrastructure, we can make it easier for clients to access and manage these investments through one regulated provider, writes Marius Jurgilas, chief executive at Axiology.
The expansion comes amid rapid growth in the market for tokenised money market funds. According to the European Central Bank, their global market capitalisation grew by around 110% during 2025, reaching approximately €7 billion by February 2026. While still a small segment of the wider money market fund industry, this growth is increasing the need for regulated infrastructure that can support broader institutional adoption.
Sources: Axiology
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