Nomura’s Laser Digital Prepares To Enter Japan’s Crypto Market

Financial services holding company Nomura Holdings is preparing to expand into Japan’s cryptocurrency market through its Switzerland-based subsidiary, Laser Digital Holdings.

A Laser Digital spokesperson confirmed Friday that the unit is in pre-consultation talks with Japan’s Financial Services Agency (FSA) and intends to apply for a license to offer crypto trading services to institutional investors in the country.

However, the spokesperson told Cointelegraph that the application date remains “undetermined,” and will depend on the outcome of the discussions with the FSA.

If approved, Laser Digital would launch broker-dealer services for traditional financial firms and crypto-focused companies, including exchanges in Japan. Nomura is part of the Nomura Group, Japan’s largest investment bank and brokerage group.

Japanese institutions plan to invest in crypto

The move follows a broader push by institutions into the Japanese crypto market.

Earlier this week, Daiwa Securities Group, one of Japan’s largest brokerages, introduced a crypto lending service that allows clients to borrow Japanese yen using Bitcoin (BTC) and Ether (ETH) as collateral.

Laser Digital and Daiwa’s push into the Japanese market seems to be a response to growing demand for crypto investments in the region.

In June, Nomura and Laser Digital unveiled the results of a survey exploring institutional appetite for crypto. The survey showed 54% of investment managers — including family offices, corporations and institutional investors — expect to invest in cryptocurrencies within the next three years.

Related: Metaplanet expands Bitcoin strategy with new US, Japan units

Japan regulator proposes crypto rule overhaul

Alongside rising institutional interest, Japan’s regulatory stance on crypto has also shifted in a more favorable direction.

Japan has looked to reform its crypto laws to align the sector’s rules with those of its traditional securities market, and also plans to lower taxes on crypto. In August, the country’s regulators also quietly greenlit the country’s first stablecoin pegged to the Japanese yen.

As the country’s policies shifted, crypto adoption in the country more than doubled.

On Sept. 24, a Chainalysis report showed that among the five markets in the Asia Pacific (APAC) region, Japan saw the strongest growth. The country’s value received onchain grew 120% year-on-year in the 12 months leading to June.

Chainalysis’s head of APAC policy, Chengyi Ong, previously told Cointelegraph that Japanese crypto market activity reflected global trends like the “sharp pickup in trading volume” after the US presidential election.