Laser Digital Obtains Japan's First Crypto License in Nearly Four Years, Banks Enter, Liquidity First for Local Peers
The Japanese financial regulator has approved Laser Digital Japan as a registered crypto asset trading service provider, making it the first new entrant to obtain this license in nearly four years, marking an acceleration of institutional-grade digital asset services entering the Japanese market.
Laser Digital Japan, a subsidiary of Nomura Holdings focused on digital assets, has completed registration under the Payment Services Act, with registration number Kanto Finance Bureau No. 00032. Initially, it will provide liquidity services to local virtual asset service providers, with plans to launch digital asset trading services for institutional investors in the future; specific launch dates and business scope have yet to be announced.
Co-founder and CEO Jez Mohideen stated that the Japanese digital asset market is entering a new mature phase, with increasing interest from institutional investors, and the market needs more reliable trading counterparts and infrastructure. Executive Chairman Steve Ashley pointed out that global institutional investors are increasingly focused on digital assets and are seeking professional infrastructure that meets institutional needs.
A survey of institutional investors released by Nomura and Laser Digital indicated that 65% of respondents view crypto assets as a diversification opportunity for their portfolios, and nearly 79% plan to invest in crypto assets within the next three years. This approval comes as Japan pushes forward with regulatory reforms for crypto assets, having reclassified cryptocurrencies as financial assets, laying the legal groundwork for future crypto asset ETFs and implementing an independent tax system, with new regulations expected to take effect in 2027.
Founded by Nomura in 2022, Laser Digital has obtained licenses in jurisdictions such as Dubai and operates institutional-grade Bitcoin and Ethereum funds. The Japanese operations began pre-consultation in 2025, and this registration marks a key milestone for market entry.
On the market mechanism level, institutional funds and liquidity supply are concentrated on licensed bank-affiliated platforms, with traditional financial institutions entering regulated crypto trading through subsidiaries; this event is driven by regulatory openness, benefiting entrants with global compliance and institutional client bases, while existing local virtual asset service providers gain additional liquidity support.
Source: Public Information
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Nomura Holdings established Laser Digital in 2022, positioning it as an institutional-grade platform connecting traditional and crypto markets. It previously obtained a full crypto business license in Dubai and launched a Bitcoin adoption fund and institutional Bitcoin yield fund, demonstrating a continued push for digital asset expansion through subsidiaries.
In terms of capital pathways, Nomura is leveraging its bank balance sheet and client relationship resources to support Laser Digital's expansion across trading, asset management, and venture capital, motivated by the rising demand from Japanese institutions for crypto diversification. Specific actions include completing registration in Japan and entering with liquidity services, followed by expansion into institutional trading.
Similar cases can be seen with other large banks entering the regulated crypto space through subsidiaries, as well as the blank period that followed Japan's strict entry requirements for crypto exchanges. The current Japanese market is transitioning from retail dominance to improved institutional infrastructure, with regulatory reclassification accelerating this process.
Essentially, this is a regulatory change: the reintroduction of licenses and asset reclassification lowers the barriers for institutional entry, with the mechanism shifting crypto from a payment service framework to a financial instrument framework, allowing bank-affiliated platforms to legally provide institutional-grade trading and liquidity, thereby restructuring the market participant landscape.
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The first license after a four-year gap defines the threshold rather than the speed.
Banks are entering, with liquidity first provided to local peers.
The numbers from the institutional interest survey ultimately need to translate into tradable counterparties.