Japan’s cryptocurrency market has welcomed its first newly registered crypto asset exchange service provider in roughly four years, with Nomura-backed Laser Digital securing regulatory approval to operate in the country.
The registration represents an important step for Laser Digital as Japan continues to reshape its regulatory framework for digital assets. The company will initially focus on providing liquidity services to domestic virtual asset service providers, with plans to eventually expand into institutional crypto trading.
While Laser Digital has not announced a specific launch date for its institutional trading services, the approval gives the company a regulated pathway into one of Asia’s most closely supervised digital asset markets.
Laser Digital Secures Regulatory Entry Into Japan
Laser Digital confirmed that its Japanese subsidiary has completed registration as a crypto asset exchange service provider. Its initial strategy will center on supplying liquidity to locally registered crypto businesses.
The company is also considering broader trading services aimed at professional and institutional investors. However, details regarding the exact products, services and launch timetable have yet to be announced.
Institutional interest in digital assets appears to be growing in Japan. A 2026 survey conducted by Nomura and Laser Digital found that 79% of respondents planned to invest in crypto assets within the next three years.
Laser Digital believes this growing demand creates an opportunity for regulated infrastructure specifically designed for professional investors.
Four-Year Gap in New Crypto Registrations Ends
Laser Digital’s approval is particularly notable because it marks Japan’s first new crypto asset exchange service provider registration in approximately four years.
The company had been preparing for its Japanese expansion for some time. In 2025, reports indicated that Laser Digital was holding preliminary discussions with Japan’s Financial Services Agency as it explored obtaining authorization to provide crypto trading services.
At that stage, the company was considering services for traditional financial institutions, crypto companies and digital asset exchanges.
With registration now completed, those plans have moved closer to reality. Laser Digital will begin with liquidity services before potentially expanding its institutional trading operation.
Laser Digital was established by Nomura in 2022 as part of the Japanese financial giant’s push into digital assets. Since then, the business has expanded across trading, asset management and venture investments.
The company has also established a presence outside Japan. In 2023, Laser Digital obtained a full crypto business license in Dubai and has introduced investment products focused on Bitcoin and Ethereum for institutional investors.
Its broader Japanese strategy has also included discussions around yen- and dollar-pegged stablecoins in cooperation with GMO Internet Group.
Laser Digital co-founder and CEO Jez Mohideen described Japan as entering a new stage of maturity in digital assets, particularly as institutional investors increase their exposure to the sector.
The company believes professional investors need regulated counterparties and infrastructure capable of meeting institutional requirements.
Japan Brings Crypto Closer to Traditional Financial Markets
Laser Digital’s approval comes as Japan introduces major changes to the way cryptocurrencies are regulated.
Japan recently passed legislation that moves digital assets closer to the traditional securities framework by recognizing them as financial products under the Financial Instruments and Exchange Act.
Previously, cryptocurrencies were primarily regulated through the Payment Services Act.
Under the amended framework, Japan is expected to introduce stricter requirements covering areas such as insider trading, issuer disclosures and penalties for businesses operating without proper registration.
The new regulatory structure is expected to take effect in 2027 after detailed cabinet ordinances and supervisory guidelines are finalized.
The changes could make Japan’s crypto industry more closely resemble its traditional securities market while giving institutional investors clearer rules for participating in digital assets.
Crypto Tax Reform Could Follow
Japan’s regulatory overhaul could also lead to significant changes in cryptocurrency taxation.
Currently, individual crypto profits can be classified as miscellaneous income, resulting in tax rates that may reach approximately 55% for some investors.
Under the planned framework, qualifying cryptocurrency gains could eventually be taxed separately at an effective rate of around 20%.
The tax-related changes are expected to take effect in January 2028, subject to the implementation schedule and final regulatory requirements.
Such a change could make Japan considerably more attractive to domestic crypto investors and potentially encourage greater participation from professional investors.
Spot Crypto ETFs Could Become Another Major Development
Japan’s updated financial framework also creates a potential pathway for domestic spot cryptocurrency exchange-traded funds.
The Japan Exchange Group has reportedly been considering crypto ETF listings as early as 2027. However, Japanese regulators have not yet confirmed approval for domestic spot Bitcoin ETFs.
Allowing investment trusts and ETFs to hold cryptocurrencies such as Bitcoin and Ethereum could significantly expand access to digital assets through conventional investment accounts.
It could also provide traditional financial institutions with more opportunities to offer regulated crypto products.
Nomura Positions for Growing Institutional Crypto Demand
Nomura is not alone in preparing for Japan’s changing digital asset environment.
Major Japanese financial groups, including SBI, Rakuten, Daiwa and institutions connected with SMBC and Mizuho, have reportedly been developing or evaluating cryptocurrency investment products.
These developments suggest Japan’s traditional financial sector is increasingly preparing for greater integration between cryptocurrencies and conventional investment services.
Nomura has already gained experience in institutional crypto products through Laser Digital. The company launched its Bitcoin Adoption Fund in 2023, providing institutional investors with long-only Bitcoin exposure, and has since expanded into other digital asset investment products.
Laser Digital has also explored tokenized finance and blockchain infrastructure, creating a business that spans institutional trading, asset management and digital asset technology.
For now, however, the company’s immediate priority in Japan remains providing liquidity to registered domestic crypto businesses.
Further information about institutional trading services and their launch schedule is expected at a later stage.
Laser Digital Approval Signals Japan’s Changing Crypto Market
Laser Digital’s registration represents more than the arrival of another digital asset company in Japan. Ending a roughly four-year gap in new registrations comes at a time when the country is fundamentally changing how cryptocurrencies fit within its financial system.
Japan’s move toward securities-style regulation, potential crypto tax reform and the possibility of domestic spot crypto ETFs could create a more structured environment for institutional participation.
For Nomura and Laser Digital, securing regulatory approval provides an early position in that changing market. The initial focus on liquidity services may be relatively narrow, but the company’s broader ambitions suggest institutional trading and other regulated digital asset products could eventually become an important part of its Japanese operations.
As Japan implements its new regulatory framework, Laser Digital’s entry could become an early example of how traditional financial institutions and crypto businesses increasingly operate within the same regulated ecosystem.
