Nomura Holdings and Japan’s Digital Asset Sector
Nomura Holdings is strategically positioning itself to enhance its footprint in Japan’s burgeoning digital asset sector amidst a rise in cryptocurrency activity. The firm’s subsidiary, Laser Digital Holdings, headquartered in Switzerland, is actively seeking regulatory approval from Japan’s Financial Services Agency to commence trading services tailored for institutional investors. This initiative reflects the company’s belief in the robust potential of Japan’s digital asset landscape, as conveyed by CEO Jez Mohideen in an interview with Bloomberg.
Growth of Digital Currency Trading in Japan
The digital currency trading arena in Japan has experienced remarkable growth this year, with transaction values reported to have doubled to approximately ¥33.7 trillion (around $230 billion) in just the first seven months, as per the Japan Virtual and Crypto Assets Exchange Association. This growth can be attributed to supportive international policies, particularly from the United States, alongside anticipated domestic reforms like tax reductions and new regulations for crypto-focused investment funds that are expected to further stimulate market activity.
Broader Acceptance of Cryptocurrency
Nomura’s initiative is not isolated; the cryptocurrency sector is gaining traction in mainstream finance across Japan. For instance, Daiwa Securities, the nation’s second-largest brokerage, has recently enabled clients at its 181 retail outlets to use Bitcoin and Ether as collateral for yen loans, signaling broader acceptance of digital currencies in financial services.
Laser’s Services and Regulatory Compliance
In 2022, Nomura launched Laser to provide a range of services, from venture capital to asset management. Earlier this year, the unit achieved full regulatory compliance in Dubai and also established a subsidiary in Japan. Should they receive the necessary licensing, Laser aims to offer brokerage services to both conventional financial institutions and crypto enterprises, including domestic digital asset exchanges.
Japan’s Market Growth and Global Attention
The Japanese market’s rapid growth has captured global attention; in the year leading up to June 2025, the country reported a staggering 120% increase in on-chain value received, surpassing key players such as South Korea, India, and Vietnam. This expansion is further supported by regulatory reforms recognizing more tokens as viable investment vehicles and the introduction of Japan’s inaugural yen-backed stablecoin issuer.
Challenges and Future Outlook
Despite these advancements, Laser has faced operational hurdles. Earlier this year, Nomura reported losses within its European operations, which CFO Hiroyuki Moriuchi attributed partly to the underwhelming performance of Laser. Initially optimistic about achieving profitability within two years of its establishment, Mohideen has since adjusted expectations concerning the timeline to break even.
Nevertheless, Nomura’s venture into Japan’s digital asset space underscores its aim to cement a significant presence in a rapidly transforming market that is attracting increased interest from global financial entities. This expansion also presents a challenge for regulators, who must balance the encouragement of innovation while ensuring stringent oversight in an evolving landscape.
