Japan finally reopens the door to Crypto

First New Registration in Four Years

Laser Digital, the digital asset subsidiary of Japanese investment bank Nomura, has completed its registration as a crypto asset exchange service provider in Japan. The approval, granted under the Payment Services Act, is the first new registration in the country's digital asset sector since 2022. The last platform to receive authorisation from Japan's Financial Services Agency (FSA) was Binance Japan in October 2022.

Japan's crypto market is entering a "new phase of maturity," creating a need for "trusted counterparties and infrastructure" as institutional investors increase their interest in the asset class, according to Jez Mohideen, co-founder and CEO of Laser Digital, in a Friday press release.

The FSA registry lists the firm's approved assets as BTC, ETH, XRP, BCH, LTC and SHIB. Laser Digital Japan will initially provide institutional liquidity solutions for domestic virtual asset service providers, with plans to offer institutional trading services later. The firm has not yet disclosed when those services will launch or exactly which products will be available.

A Broader Regulatory Shift

The registration arrives at a pivotal moment for Japan's crypto regulatory landscape. Japan's parliament recently approved legislation that would shift oversight from the Payment Services Act to the Financial Instruments and Exchange Act, treating crypto assets as financial products and imposing rules on exchanges, issuers, investment managers and advisers, while introducing insider trading restrictions for domestic crypto markets.

The legislation also sets the stage for a 20% tax on qualifying crypto gains, compared with the current maximum rate of 55%, with the new tax regime expected to begin as early as January 1, 2028.

Institutional appetite for digital assets in Japan is clearly growing. According to the 2026 Institutional Investor Survey by Nomura and Laser Digital, 65% of respondents consider crypto assets a diversification tool, while nearly 79% said they plan to invest in the asset class over the next three years.

Since its 2022 launch, Laser Digital has built three main business lines spanning trading, asset management and venture investment, and in January the company applied to the US Office of the Comptroller of the Currency for a national trust bank charter, receiving preliminary conditional approval in May. Japan's registration adds another pillar to that global expansion.

Laser Digital is not alone in its ambitions. Daiwa Securities Group and SMBC Nikko Securities are also considering entry into the crypto sector, a sign that Japan's broader financial establishment is taking digital assets seriously.

Sources
Ledger Insights: Nomura's Laser Digital receives Japanese crypto exchange license
CoinTelegraph: Laser Digital Secures Japan Crypto Registration
CoinDesk: Nomura-backed Laser Digital wins Japan's first crypto approval in four years