Nomura’s crypto arm Laser Digital is preparing to enter Japan’s booming digital asset market, aiming to offer trading services for institutional clients amid a surge in local crypto adoption.
Key Takeaways
- Laser Digital, owned by Nomura Holdings, is in pre-consultation talks with Japan’s Financial Services Agency (FSA) to obtain a crypto trading license.
- Japan’s crypto market hit approximately $230 billion in transaction volume within the first seven months of 2025.
- The move follows increased institutional interest in crypto and regulatory reforms aimed at aligning crypto rules with traditional finance.
- Despite performance challenges in Europe, Laser Digital continues to expand globally, targeting stablecoins and broker-dealer services in Japan.
What Happened?
Laser Digital, the crypto subsidiary of Japan’s Nomura Holdings, has taken a major step toward entering the Japanese crypto market. The firm is currently in discussions with the Financial Services Agency (FSA) to secure a license that would allow it to offer crypto trading services to institutional investors. This move comes as Japan experiences a sharp uptick in digital asset adoption, fueled by favorable regulations and growing institutional appetite.
Nomura Holdings plans to expand in Japan’s digital-asset market through a subsidiary, as crypto trading in the country heats up https://t.co/vV6z8i9JTZ
— Bloomberg (@business) October 3, 2025
Laser Digital’s Japan Play Signals Strategic Pivot
Laser Digital, launched by Nomura in 2022, aims to position itself as a leading crypto service provider for institutional clients. Although based in Switzerland, the firm is looking to solidify its presence in Japan through licensing that would enable broker-dealer operations across both traditional financial institutions and crypto-native companies.
- The Japan unit was established in 2023 following the company’s full crypto license acquisition in Dubai.
- CEO Jez Mohideen confirmed the talks with the FSA, stating, “Our entry into Japan reflects our optimism in the Japanese digital-asset ecosystem.”
- A company spokesperson said the actual application date for the license would depend on the outcome of the ongoing pre-consultation phase.
Institutional Adoption Gains Serious Traction
Japan’s crypto market has been on a growth trajectory, reaching nearly ¥33.7 trillion (about $230 billion) in transaction volume in just the first seven months of 2025, according to the Japan Virtual and Crypto Assets Exchange Association.
- On-chain value received in Japan has increased by 120% year-on-year, outpacing South Korea and India, making Japan the fastest-growing crypto market in Asia.
- In a recent survey by Nomura and Laser Digital, 54% of investment managers, including family offices and corporations, said they expect to allocate funds to crypto within the next three years.
Institutions are increasingly blending traditional finance with crypto assets. Notably, Daiwa Securities, one of Japan’s largest brokerages, now allows clients to use Bitcoin and Ether as collateral for borrowing yen. This reflects a broader acceptance of digital assets across conventional financial channels.
Regulatory Shift Opens Doors
Japan’s shift toward a more welcoming regulatory environment has created the perfect entry point for firms like Laser Digital.
- The FSA has proposed reforms to align crypto regulation with securities laws and is also moving to reduce crypto-related taxes.
- In August, the country approved its first yen-pegged stablecoin, signaling growing confidence in the digital asset space.
- As part of this trend, Laser Digital is collaborating with GMO Internet Group to develop stablecoins pegged to the Japanese yen and US dollar, under a Stablecoin-as-a-Service model.
Global Growth Strategy Continues Despite Setbacks
While expanding in Japan, Laser Digital is still recovering from performance issues in Europe. Earlier this year, Nomura reported a quarterly loss attributed to Laser’s underwhelming results in the region. Initially projected to break even within two years, the unit’s profitability timeline has been delayed.
Despite these setbacks, Laser Digital has remained committed to growth:
- The company has launched Bitcoin and Ethereum Adoption Funds aimed at institutional clients seeking yield-enhanced exposure.
- In 2024, Nomura-backed Komainu acquired Propine, enhancing custodial services and reinforcing the group’s commitment to digital asset infrastructure.
CoinLaw’s Takeaway
I’ve seen a lot of crypto expansion moves, but this one feels especially significant. Japan isn’t just warming up to crypto, it’s going full throttle, and Laser Digital knows it. Nomura is playing the long game here, positioning itself not just as a participant, but as a leader in regulated digital finance. Despite stumbles in Europe, they’re not backing down. In my experience, when traditional financial giants double down like this, it signals real momentum behind the scenes. Japan’s combination of policy support and institutional enthusiasm makes it one of the most exciting crypto markets to watch right now.
