Nomura Eyes Deeper Crypto Integration in Japan

Nomura's Crypto Play in Japan: Institutional Trading on the Horizon

Nomura Holdings, a major Japanese financial institution, is signaling a significant move deeper into the digital asset space. Its subsidiary, Laser Digital Holdings, is reportedly seeking a license from Japan's Financial Services Agency (FSA) to provide crypto trading services to institutional clients. This ambition comes as Japan's crypto market witnesses substantial growth, fueled by supportive regulatory changes and increasing investor interest.

Laser Digital, based in Switzerland, is currently in pre-consultation talks with the FSA, a necessary step before formally applying for the license. CEO Jez Mohideen stated that this move reflects the company's strong belief in the potential of Japan's digital asset ecosystem.

Key Takeaways:

• Institutional Focus: Nomura is targeting institutional investors with its proposed crypto trading services.
• Regulatory Tailwinds: Japan's evolving regulatory landscape, including potential tax cuts and new rules for crypto funds, is attracting investment.
• Market Growth: Crypto trading volumes in Japan have doubled in the first seven months of the year, indicating strong market demand.

Japan's Crypto Market Heats Up

The Japanese crypto trading market is experiencing rapid expansion. Data reveals a doubling of transaction value, reaching ¥33.7 trillion (approximately $230 billion) within the first seven months of the year. This growth is partly attributed to positive policy developments, both domestically and internationally. Changes such as tax cuts and newly reformed rules around crypto-focused funds have fueled much of the markets momentum.

Daiwa Securities, another major player in Japan's financial sector, has already begun allowing clients to use Bitcoin and Ether as collateral for yen loans.

Government Support and Global Interest

The Japanese government's moves to ease tax burdens and refine crypto regulations are attracting both domestic and international investors. Reforms now treat more tokens as investment instruments, and the licensing of the first yen-backed stablecoin issuer has further boosted market confidence.

Japan has recorded a 120% increase in on-chain value received in the 12 months to June 2025, outpacing other major Asian markets like South Korea, India, and Vietnam.

Challenges and Future Prospects

Laser Digital has faced some challenges. Nomura reported a loss in Europe earlier this year, partially attributed to Laser's performance. While initial projections anticipated profitability within two years, achieving that milestone may take longer.

Despite these challenges, Nomura's planned expansion into Japan demonstrates its commitment to establishing a strong presence in a rapidly evolving market. The arrival of new players like Laser presents both opportunities and challenges for regulators, who must balance fostering innovation with ensuring adequate oversight.