Bitcoin News Today: TradFi and Crypto Converge in Japan as Nomura Seeks Trading License

Japan-based Nomura Holdings Inc. is advancing its digital asset ambitions through its Switzerland-based subsidiary Laser Digital Holdings, which is preparing to apply for a crypto trading license from the country's Financial Services Agency (FSA). The move, confirmed by CEO Jez Mohideen, reflects the firm's optimism in Japan's rapidly expanding digital-asset ecosystem and aligns with broader institutional interest in cryptocurrencies. Laser Digital, already a licensed crypto asset manager in Dubai, seeks to offer trading services to institutional clients in Japan, a market where crypto transaction volumes have doubled in the first seven months of 2025, reaching ¥33.7 trillion ($230 billion) .

The FSA's regulatory environment has grown increasingly favorable for digital assets, with policymakers proposing reforms to lower tax burdens on crypto holdings and streamline investment vehicle frameworks. These changes aim to attract both domestic and international institutions to Japan, which has historically been cautious in its approach to cryptocurrencies. The government's recent approval of Japan's first yen-backed stablecoin and plans to reduce crypto gains tax to 20%-aligning it with traditional securities-further underscore this shift . Nomura's timing coincides with a surge in institutional appetite for crypto exposure, as evidenced by rival firm Daiwa Securities' recent launch of a service allowing clients to use Bitcoin and ether as collateral for yen loans .

Nomura's foray into Japan's crypto market is part of a broader global strategy. The firm has previously established Komainu, a crypto custody platform, and launched Bitcoin and NEAR protocol funds for institutional investors. Despite early European market challenges, including a quarterly loss attributed to Laser Digital's underperformance, the firm remains committed to long-term digital-asset development. Mohideen noted that profitability in Japan may take longer than initially projected but emphasized the rising demand for crypto services .

Japan's regulatory clarity and market growth position it as a key battleground for traditional finance (TradFi) and crypto convergence. The country's financial institutions are increasingly integrating digital assets into their offerings, with Laser Digital aiming to act as a broker-dealer for both traditional firms and crypto-native businesses. This strategy mirrors global trends, where spot Bitcoin and Ethereum ETFs have attracted over $54.8 billion in net inflows as of October 2025, signaling sustained institutional confidence . Japan's Financial Instruments and Exchange Act (FIEA) is also under review to reclassify cryptocurrencies as financial products, potentially enabling the launch of crypto ETFs and expanding investment options .

Challenges remain, including the FSA's cautious approach to licensing and the need to navigate Japan's complex tax framework. However, the FSA's recent study groups have indicated openness to reclassifying major cryptocurrencies as securities, a move that could pave the way for regulated ETFs and reduce regulatory barriers. Nomura's expansion into Japan highlights the growing legitimacy of digital assets as a mainstream asset class, with institutions increasingly viewing crypto as a tool for diversification and growth. As Laser Digital navigates the licensing process, its success could reshape Japan's financial landscape and position the country as a regional leader in crypto innovation .

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