Nomura Holdings is preparing to enter Japan’s crypto exchange market, aiming to roll out crypto trading services by the end of 2026 as two other major securities firms weigh similar moves.
Key Takeaways
- Nomura, Daiwa Securities Group, and SMBC Nikko Securities are considering moves into crypto exchange services in Japan.
- Nomura plans to use its Swiss crypto unit Laser Digital as the base for its Japan rollout, with a target of end of 2026.
- The firms are positioning for a potential surge in demand if Tokyo eases rules around crypto exchange traded funds.
- Japan’s strict exchange licensing rules could push firms toward either applying for permits or buying permit holding exchanges.
What Happened?
Three of Japan’s biggest securities firms are exploring a shift into crypto exchange services, according to reporting by Nihon Keizai Shimbun. Nomura, the largest of the group, is reportedly targeting the end of 2026 for launching crypto trading, while Daiwa and SMBC Nikko are said to be actively considering entry.
The push comes as Japan’s financial industry anticipates a possible policy shift that could make crypto investing more accessible, especially if restrictions on crypto ETFs are relaxed.
Why Nomura Is Turning to Laser Digital?
Nomura is not starting from scratch. The firm is expected to build its crypto exchange plans through Laser Digital, its Swiss based crypto subsidiary. That setup matters because Laser Digital already gives Nomura a dedicated structure and expertise for digital asset activity, which could help speed up product development and internal approval processes.
Nomura is also one of Japan’s most influential financial groups, managing around $673 billion in client assets. A move by a firm of this size signals that crypto is no longer being treated as a side experiment in Japan’s traditional finance world. It is moving closer to becoming a mainstream service line aimed at both institutional and high value clients.
Daiwa and SMBC Nikko Join the Watchlist
While Nomura has the clearest timeline, Daiwa Securities Group and SMBC Nikko Securities are also reportedly evaluating crypto exchange operations. The reporting suggests these firms are thinking ahead, especially about how client demand could change if Japan opens the door wider for regulated crypto investment products.
One detail worth watching is that these firms are not just thinking about retail traders. The reporting indicates they have an eye on corporate clients, which could include treasury management needs, trading services, and custody related offerings.
The Licensing Challenge in Japan
Japan is known for strict oversight of crypto exchanges, and that is where the plans could get complicated. Exchange operators typically need licenses and must meet demanding compliance and operational standards. So far, only a limited number of smaller tech focused firms have managed to secure permits.
That leaves major securities firms with two main paths:
- Apply for a license and build an exchange under full regulatory review.
- Acquire a smaller exchange that already holds the required permits.
Lessons From SBI and Monex
This is not the first time big finance in Japan has moved into crypto through dealmaking. SBI Holdings and Monex Group have previously used mergers and acquisitions to buy smaller crypto exchanges and bring them under their corporate umbrellas.
Nomura is reportedly focused primarily on the Japanese market, which means it may need to pursue a domestic license for Laser Digital or consider a takeover strategy to secure an existing permit. Meanwhile, SMBC Nikko has launched a decentralized finance department, signaling that it is building internal capacity while it evaluates next steps.
CoinLaw’s Takeaway
I see this as a turning point for Japan’s crypto market. When firms like Nomura start talking about exchange services with a real timeline, it tells me crypto is becoming a default expectation for modern finance, not a risky side bet. In my experience, big institutions do not move unless they believe policy, demand, and business value are lining up. The ETF angle is especially important because it could pull in cautious investors who want regulated exposure. If Japan loosens the rules, I found it hard to imagine these firms staying on the sidelines, and that is exactly why they are preparing now.
