Nomura Holdings is preparing to deepen its presence in Japan’s digital asset market as crypto activity surges, with its wholly owned subsidiary Laser Digital Holdings seeking a license to offer trading services to institutional clients.
Laser, based in Switzerland, is in pre-consultation talks with Japan’s Financial Services Agency, according to Chief Executive Officer Jez Mohideen.
Mohideen told Bloomberg that the application reflects the group’s confidence in the country’s digital asset ecosystem.
Transaction Value Doubles As Investors Embrace Digital Assets In Japan
Japan’s crypto trading market has expanded rapidly this year. Data from the Japan Virtual and Crypto assets Exchange Association showed that the value of transactions doubled to ¥33.7 trillion, or about $230b, in the first seven months alone.
Supportive policies abroad, particularly in the US, and anticipated changes at home such as tax cuts and new rules for crypto-focused funds have fueled the momentum.
The move by Nomura comes as cryptocurrencies push further into mainstream financial services in Japan. Daiwa Securities, the country’s second-largest brokerage, announced this week that clients at its 181 retail branches can now use Bitcoin and Ether as collateral to borrow yen.
Government Reforms On Tax And Rules Boost Market Participation In Japan
Nomura unveiled Laser in 2022 to offer services ranging from asset management to venture capital. The unit secured a full crypto business license in Dubai in 2023 and set up a Japanese subsidiary the same year.
If granted approval, Laser plans to provide broker-dealer services for both traditional financial institutions and crypto firms, including digital-asset exchanges operating in Japan.
Industry observers say that younger investors and institutional players are increasingly turning to digital assets as part of their portfolios, particularly as the government moves to ease tax burdens and refine rules.
Japan’s market has also drawn global attention for its pace of growth. In the 12 months to June 2025, the country recorded a 120% increase in on-chain value received, outpacing South Korea, India and Vietnam. The growth has been helped by reforms treating more tokens as investment instruments and the licensing of the first yen-backed stablecoin issuer.
Global Institutions Eye Japan’s Fast Evolving Crypto Market Landscape
Still, Laser’s performance has not been without challenges. Nomura reported a quarterly loss in Europe earlier this year, partly linked to what CFO Hiroyuki Moriuchi described as the unit’s “not very good” results. Mohideen had initially expected Laser to turn a profit within two years of its launch, though he later cautioned that breaking even might take longer.
Even with those setbacks, the planned expansion into Japan signals Nomura’s intent to solidify its role in a market that is evolving quickly and attracting global financial institutions.
For regulators, the arrival of new players such as Laser highlights the balancing act of fostering innovation while maintaining strict oversight.
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