Japan’s Crypto Freeze Cracks as Nomura Wins Coveted New License

Nomura Holdings’ subsidiary Laser Digital Japan has secured registration as a Crypto Asset Exchange Service Provider under Japan’s Payment Services Act, receiving registration number 00032. The approval ends a four‑year period during which no new crypto‑exchange licenses were issued in Japan.

License details and initial offering

The license permits Laser Digital to trade a set of six crypto assets that are on the Japan Virtual and Crypto Assets Exchange Association’s “Green List”: bitcoin, ethereum, XRP, bitcoin cash, litecoin and shiba inu. The firm plans to focus on wholesale liquidity provision for licensed Japanese crypto firms rather than launching a retail‑focused trading app.

Institutional focus

Laser Digital aims to supply liquidity to institutional desks, helping larger orders clear without disrupting thin order books. While a full product lineup and launch timetable have not been disclosed, the company intends to serve professional investors seeking regulated infrastructure.

Regulatory context

Japan’s crypto regulatory environment has been stringent since the Mt. Gox collapse in 2014 and the Coincheck hack in 2018. New registrations halted after 2022, making Nomura’s entry a notable shift. License conditions require client assets to be segregated from company funds, with at least 95% of customer crypto held in offline cold storage and annual audits to verify compliance. The license does not cover crypto derivatives or exchange‑traded funds.

Market outlook

A Nomura survey of 518 Japanese investment professionals showed 31% bullish on crypto’s one‑year outlook, 65% viewing digital assets as a diversification tool, and 79% of those considering allocation within three years planning to invest.

Upcoming regulatory changes

Japan’s legislature passed a bill on July 15 to integrate crypto more fully into the securities framework, with major provisions expected to take effect in fiscal 2027. Policymakers are also reviewing tax and product rules that could enable domestic spot crypto investment products.

Laser Digital’s registration marks the first step for Nomura in Japan’s regulated crypto market, with future performance dependent on its ability to generate institutional trading volume ahead of the 2027 regulatory reset.