NPEX holds three market licenses. 21X holds a fourth that NPEX doesnt have yet.
NPEX is an AFM-regulated exchange, MTF, broker, and ECSP, and Dusk connects to regulated markets through it.#dusk
The fourth license is DLT-TSS. It merges trading and settlement into a single regulated system, with atomic settlement. NPEX is still pursuing it.
21X already has it. 21X is the first to hold an EU DLT-TSS license, and its integrating DuskEVM.
So two different venues, two different stages of the same license stack.@Dusk_Foundation
Theres a second point in Dusk's own framing. On most networks, compliance sits at the application layer, bolted on per app. Dusk says it puts compliance at the protocol layer instead.
Not saying protocol-level compliance is automatically better. Bolted-on can still work, plenty of regulated systems run that way.
Not saying it's just marketing either. Where the compliance lives changes who has to re-implement it, and how often.
What i'd watch is what happens when real venues with different licenses, NPEX with one stack, 21X with another, plug into that same protocol-level base, does the compliance hold, or does it just move the re-implementation somewhere new.
$DUSK $AKE $EDEN
NPEX is an AFM-regulated exchange, MTF, broker, and ECSP, and Dusk connects to regulated markets through it.#dusk
The fourth license is DLT-TSS. It merges trading and settlement into a single regulated system, with atomic settlement. NPEX is still pursuing it.
21X already has it. 21X is the first to hold an EU DLT-TSS license, and its integrating DuskEVM.
So two different venues, two different stages of the same license stack.@Dusk_Foundation
Theres a second point in Dusk's own framing. On most networks, compliance sits at the application layer, bolted on per app. Dusk says it puts compliance at the protocol layer instead.
Not saying protocol-level compliance is automatically better. Bolted-on can still work, plenty of regulated systems run that way.
Not saying it's just marketing either. Where the compliance lives changes who has to re-implement it, and how often.
What i'd watch is what happens when real venues with different licenses, NPEX with one stack, 21X with another, plug into that same protocol-level base, does the compliance hold, or does it just move the re-implementation somewhere new.
$DUSK $AKE $EDEN