Japan's Crypto Boom Attracts Nomura as Regulatory Frameworks Mature

Laser Digital, a subsidiary of Japan-based Nomura Holdings, is seeking a crypto trading license in Japan to expand its services to institutional clients. The firm is in pre-consultation talks with the Financial Services Agency (FSA), as disclosed by CEO Jez Mohideen in Bloomberg reports. This move aligns with Japan's rapidly growing crypto market, where transaction values doubled to ¥33.7 trillion ($230 billion) in the first seven months of 2025, driven by regulatory reforms and investor demand. Mohideen emphasized Nomura's optimism in Japan's digital-asset ecosystem, stating the initiative reflects confidence in the country's evolving regulatory landscape.

Japan's crypto market has surged due to supportive policies, including anticipated tax cuts and streamlined rules for crypto-focused investment funds. The government's push for yen-backed stablecoins and revised classifications of tokens as securities under the Financial Instruments and Exchange Act (FIEA) have further incentivized institutional participation. Nomura's strategic entry follows broader industry trends, such as Daiwa Securities' recent allowance of Bitcoin and Ether as collateral for yen loans, signaling deeper integration of crypto into traditional finance (TradFi).

Laser Digital's expansion into Japan builds on its existing crypto ventures, including Bitcoin and NEAR protocol funds targeting institutional investors. The firm, which secured a full crypto license in Dubai in 2023, aims to replicate its success in Japan by offering broker-dealer services to both traditional financial institutions and crypto-native firms. Despite challenges, including a quarterly loss in Europe attributed to the unit's underperformance, Nomura remains committed to long-term digital-asset strategies. Mohideen acknowledged that profitability may take longer than initially projected, but the firm views Japan's market as critical to its global growth.

Regulatory reforms in Japan have created a favorable environment for crypto adoption. The FSA's reclassification of certain tokens as securities has enabled clearer frameworks for crypto ETFs, while tax reforms aim to reduce the burden on crypto holdings. These changes have attracted global financial institutions and spurred domestic innovation, such as Monex Group's development of a yen-backed stablecoin. Japan's crypto market, which recorded a 120% year-on-year increase in on-chain value received as of June 2025, now outpaces regional peers like South Korea and India.

Nomura's entry into Japan's crypto market underscores the sector's maturation and the increasing alignment of digital assets with traditional financial systems. While challenges remain, including navigating regulatory scrutiny and market volatility, the firm's strategic focus on institutional clients and its prior experience in Dubai position it to capitalize on Japan's growth. As global regulators grapple with balancing innovation and oversight, Japan's evolving framework offers a model for integrating crypto into mainstream finance.

Source: [1] Nomura-owned Laser Digital Plans Crypto License Application in Japan (https://www.coindesk.com/business/2025/10/03/nomura-owned-laser-digital-plans-crypto-license-application-in-japan-bloomberg) [2] Nomura targets crypto trading in Japan through Laser Digital (https://invezz.com/news/2025/10/03/nomura-targets-crypto-trading-in-japan-through-laser-digital-crypto-license/) [3] Crypto News : Nomura's Laser Digital Seeks Japan License as... (https://coinpedia.org/news/crypto-news-nomuras-laser-digital-seeks-japan-license-as-crypto-transactions-double-to-230b/) [4] Nomura Unit Eyes Wider Access To Crypto Trading In Japan (https://cryptonews.com/news/nomura-unit-laser-eyes-wider-access-crypto-trading-japan/) [5] Nomura's Laser Digital Prepares To Enter Japan's Crypto Market (https://cointelegraph.com/news/nomura-laser-digital-japan-crypto-license)