Key Takeaways
- • Laser Digital Japan, Nomura Holdings' digital-asset subsidiary, completed registration as a Crypto Asset Exchange Service Provider on August 21, 2026—the first new crypto exchange license Japan has approved in four years since 2022, marking a significant regulatory reopening.
- • The registration (Kanto Local Finance Bureau No. 00032) positions Laser Digital to serve institutional clients including corporates, pension funds, and government-linked entities, with initial services focusing on liquidity provision to domestic virtual asset service providers (VASPs).
- • Japan's institutional crypto demand is substantial: a 2026 Nomura/Laser Digital survey found 79% of Japanese institutional investors plan to allocate capital to digital assets within three years, with total digital asset holdings by Japanese investors reaching ¥4.9 trillion (~$33 billion) as of September 2025.
- • Laser Digital currently supports six major assets (BTC, ETH, XRP, BCH, LTC, SHIB) and plans to expand institutional trading services; no official launch date for full services has been confirmed.
- • The approval aligns with Japan's broader crypto regulatory modernization, including reduced crypto tax rates (moving toward a flat 20% from a previous ceiling of 55%) and tightened insider-trading rules under the country's landmark crypto reform bill.
Summary
Nomura Holdings has successfully broken a four-year regulatory freeze in Japan's cryptocurrency sector. Laser Digital Japan, the investment bank's digital-asset arm, secured registration as a Crypto Asset Exchange Service Provider on August 21, 2026, becoming the first firm to receive such a license since 2022. The registration, issued by the Kanto Local Finance Bureau (registration No. 00032), signals a pivotal shift in Japan's approach to crypto market infrastructure and institutional participation.
The timing of this approval reflects Japan's broader effort to rewrite its cryptocurrency regulatory framework from the ground up. The country has simultaneously implemented several pro-crypto policy changes, including a reduction in capital gains tax rates on digital assets toward a flat 20%—down from a previous maximum of 55%—as part of a landmark crypto reform bill. These measures indicate that Japanese policymakers are actively reshaping the operating environment for digital asset platforms and their users.
Laser Digital Japan's initial scope targets institutional clients rather than retail investors. The firm will begin by providing liquidity services to domestic virtual asset service providers (VASPs), with deeper order-book liquidity expected to reduce trading spreads across the broader Japanese market. Future planned services include institutional trading tailored to corporates, pension funds, and government-linked entities, though no official launch dates have been announced. The platform currently supports six major digital assets: Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Shiba Inu.
Institutional demand for crypto exposure in Japan is material and growing. According to a 2026 survey conducted jointly by Nomura and Laser Digital, 79% of Japanese institutional respondents indicated plans to invest in digital assets within the next three years. This forward-looking appetite aligns with current holdings: Japanese investors held approximately ¥4.9 trillion (~$33 billion) in digital assets as of September 2025. Jez Mohideen, co-founder and CEO of Laser Digital Japan, characterized the registration as "a market inflection point," emphasizing that "Japan's digital assets market is entering a new phase of maturity" and that institutional investors require "trusted counterparties and infrastructure designed specifically for their requirements."
The approval also signals broader industry momentum. Other major Japanese securities firms—including Daiwa Securities Group and SMBC Nikko Securities—have reportedly prepared plans to launch crypto exchanges, with Nomura itself targeting a full exchange launch by the end of 2026. These developments suggest that Japan's largest financial institutions are repositioning to capture institutional crypto market share as regulatory constraints ease and institutional capital flows accelerate.
The timing of this approval reflects Japan's broader effort to rewrite its cryptocurrency regulatory framework from the ground up. The country has simultaneously implemented several pro-crypto policy changes, including a reduction in capital gains tax rates on digital assets toward a flat 20%—down from a previous maximum of 55%—as part of a landmark crypto reform bill. These measures indicate that Japanese policymakers are actively reshaping the operating environment for digital asset platforms and their users.
Laser Digital Japan's initial scope targets institutional clients rather than retail investors. The firm will begin by providing liquidity services to domestic virtual asset service providers (VASPs), with deeper order-book liquidity expected to reduce trading spreads across the broader Japanese market. Future planned services include institutional trading tailored to corporates, pension funds, and government-linked entities, though no official launch dates have been announced. The platform currently supports six major digital assets: Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Shiba Inu.
Institutional demand for crypto exposure in Japan is material and growing. According to a 2026 survey conducted jointly by Nomura and Laser Digital, 79% of Japanese institutional respondents indicated plans to invest in digital assets within the next three years. This forward-looking appetite aligns with current holdings: Japanese investors held approximately ¥4.9 trillion (~$33 billion) in digital assets as of September 2025. Jez Mohideen, co-founder and CEO of Laser Digital Japan, characterized the registration as "a market inflection point," emphasizing that "Japan's digital assets market is entering a new phase of maturity" and that institutional investors require "trusted counterparties and infrastructure designed specifically for their requirements."
The approval also signals broader industry momentum. Other major Japanese securities firms—including Daiwa Securities Group and SMBC Nikko Securities—have reportedly prepared plans to launch crypto exchanges, with Nomura itself targeting a full exchange launch by the end of 2026. These developments suggest that Japan's largest financial institutions are repositioning to capture institutional crypto market share as regulatory constraints ease and institutional capital flows accelerate.
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