Nomura Holdings' Laser Digital Japan has completed registration as a Crypto Asset Exchange Service Provider, ending a roughly four-year drought in new Japanese crypto licenses. The unit will start by supplying wholesale liquidity to Japan's licensed crypto firms rather than launching a retail product.
Laser Digital Japan this week became registration No. 00032 with the Kanto Local Finance Bureau under Japan's Payment Services Act, joining the Japan Virtual and Crypto Assets Exchange Association. The approval breaks a stretch during which new registrations dried up after 2022, making Nomura's bank-affiliated unit the first fresh entrant in roughly four years.
Nomura targets institutional liquidity first
Laser Digital is not chasing retail traders with a new app. Instead, the unit will supply liquidity to Japan's licensed crypto firms so larger orders can clear without straining thin order books. Institutional trading for professional Japanese investors comes later, though Laser Digital has not set a launch date or disclosed its full product lineup.
The license covers six crypto assets, including bitcoin, ethereum and XRP, all cleared under the industry association's "Green List" that lets registered operators offer them without separate filings per token. Steve Ashley, co-founder and executive chairman of Laser Digital, said the registration reflects rising institutional demand. According to Bitcoin News: "sophisticated investors are increasingly looking for access and the necessary quality of infrastructure" behind digital assets.
Strict guardrails remain in place
Japan has kept crypto operators on a tight leash since the Mt Gox collapse in 2014 and the Coincheck hack in 2018. Client assets must stay separated from company funds, at least 95% of customer crypto is expected to sit in offline cold storage, and annual audits verify those controls. The license excludes crypto derivatives and does not let Laser Digital sponsor an exchange-traded fund.
Institutional appetite builds ahead of new rules
A Nomura survey of 518 Japanese investment professionals found 31% bullish on crypto's one-year outlook. Some 65% viewed digital assets as a diversification play. Among those considering an allocation within three years, 79% planned to invest.
The timing puts Laser Digital ahead of Japan's broader regulatory reset. Lawmakers passed legislation on July 15 to pull crypto deeper into the securities framework, with major provisions expected by fiscal 2027. For Nomura, license No. 00032 marks the opening move, not the finish line.
Source: Nomura Holdings
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