Nomura-Backed Laser Digital Ends Japan’s Four-Year Crypto Exchange Licensing Drought

Nomura-backed Laser Digital has secured Japan’s first new crypto exchange registration in four years, giving the institutional digital-asset firm approval to operate under the country’s Payment Services Act.

Laser Digital Japan completed its Crypto Asset Exchange Service Provider registration on August 21. Japan’s Financial Services Agency added the firm as registration No. 00032, covering Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin and Shiba Inu.

The approval breaks a four-year stretch without a new crypto exchange registration and gives Nomura’s digital-asset arm a regulated route into Japan as the country rewrites rules for crypto investment, trading and taxation.

Laser Digital Will Start With Liquidity Services

Laser Digital Japan will initially provide liquidity to licensed domestic virtual-asset service providers rather than launch immediately as a retail exchange. The firm plans to add digital-asset trading opportunities for institutional investors later, with the launch date and final product scope still to be announced.

Nomura established Laser Digital in 2022 and opened its Japanese operation in Tokyo in 2023. The group already runs institutional trading, asset management, financing and investment businesses across other regulated markets.

The Japanese license arrives as local brokers and asset managers prepare for wider crypto distribution. SBI Securities, Rakuten Securities, Nomura and other firms have been developing or evaluating crypto investment funds that could eventually place Bitcoin and Ether exposure inside conventional brokerage accounts.

Japan Moves Crypto Deeper Into Financial Markets

Japan’s parliament passed amendments to the Financial Instruments and Exchange Act and Payment Services Act on July 15, creating a new framework covering crypto market conduct, disclosure and investor protection. The July 15 legislation is scheduled to take effect within one year.

The change moves Japan beyond the payment-focused structure that historically governed much of its crypto market. The new financial-product framework introduces securities-style rules including restrictions on insider trading and stronger disclosure requirements for digital assets handled by regulated operators.

Japan is also preparing a route for crypto ETFs, although spot Bitcoin and Ether ETFs still require separate changes to the rules governing investment trusts and subsequent product approvals.

Tax policy is moving alongside the regulatory overhaul. Qualifying crypto income is set to move from Japan’s progressive taxation system toward separate investment-style taxation after the new financial-markets regime takes effect, potentially bringing eligible crypto gains closer to the roughly 20% treatment applied to stocks.

Institutional Demand Builds Ahead of New Products

Japanese institutions are already positioning for greater access. A 2026 survey of 518 investment professionals found that 65% viewed crypto as a diversification opportunity, up from 62% in the previous survey.

Among respondents considering crypto investment over the next three years, 79% planned to invest, while 60% expected crypto allocations of between 2% and 5% of total assets. Interest extended beyond spot exposure, with 66% expressing interest in staking or mining, 65% in lending, 63% in derivatives and 65% in tokenized assets.

Laser Digital’s August 21 registration covers BTC, ETH, XRP, BCH, LTC and SHIB, with its first Japanese services focused on supplying liquidity to domestic licensed crypto firms.

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