Nomura’s Laser Digital Wins Japan Crypto License in 4-Year First

March 2026 — Nomura-backed Laser Digital has become Japan’s first newly registered crypto asset exchange service provider in roughly four years, securing regulatory approval as the country prepares to shift digital assets under a financial-instruments framework.

Immediate Details & Direct Quotes

Laser Digital’s Japanese subsidiary has completed registration as a crypto asset exchange service provider, the company announced. The firm will initially supply liquidity to domestic virtual-asset service providers before potentially expanding into institutional trading services.

The registration follows months of regulatory groundwork by the Nomura subsidiary. In October 2025, Laser Digital entered preliminary discussions with Japan’s Financial Services Agency regarding a crypto trading license. At that time, the firm was evaluating broker-dealer services for traditional financial institutions, crypto companies, and digital-asset exchanges operating in the country.

“Sophisticated investors are increasingly looking for access and the necessary quality of infrastructure behind it,” said Steve Ashley, co-founder and executive chairman of Laser Digital.

The company has not disclosed when its institutional offering will launch or the full range of services it intends to provide. Laser Digital said details covering the launch timetable and scope of future institutional trading services will be announced later.

Market Context & Reaction

The registration gives Laser Digital a regulated pathway into a Japanese market where institutional demand has been climbing. 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 said the findings support its decision to build services designed for professional investors in Japan. Jez Mohideen, co-founder and CEO of Laser Digital, said the Japanese market was reaching “a new phase of maturity” as professional investors increase their exposure to the sector.

“As institutional investors increase their interest in this asset class, there remains a need for trusted counterparties and infrastructure designed specifically for their requirements,” Mohideen said.

Market reaction details were not immediately available as of the publication date.

Background & Historical Context

Laser Digital was established by Nomura in 2022 as the investment bank expanded into digital assets. The business has since developed operations across asset management, trading, and venture investment, while its Japanese subsidiary has been working toward establishing a regulated local presence.

Outside Japan, the company received a full crypto business license in Dubai in 2023. Laser Digital has also launched investment products including Bitcoin and Ethereum-focused funds designed for institutional investors. Nomura launched the unit’s Bitcoin Adoption Fund in 2023, giving institutional investors long-only Bitcoin exposure.

Japan’s regulatory shift has been years in the making. The country passed its crypto law in July, classifying digital assets as financial products under the Financial Instruments and Exchange Act. The legislation followed years in which crypto assets were primarily regulated under the Payment Services Act.

During earlier licensing discussions, Laser Digital was also exploring yen- and dollar-pegged stablecoins with GMO Internet Group, including services covering regulatory support, blockchain infrastructure, and backend operations.

What This Means

Japan’s amended framework introduces insider-trading restrictions for crypto transactions and annual disclosure requirements for issuers of certain digital assets. Penalties for businesses operating without registration will increase once the rules are implemented.

The legislation also establishes a legal basis for changing how crypto gains are taxed. Japan currently treats individual crypto profits as miscellaneous income with rates that can reach approximately 55%. The planned system could place qualifying gains under separate taxation at an effective rate of about 20%. Tax provisions are expected to take effect in January 2028.

The revised framework also provides the legal groundwork for domestic spot crypto exchange-traded funds. The Japan Exchange Group has been considering local crypto ETF listings as early as 2027, although approval of spot Bitcoin ETFs has not yet been confirmed.

Traditional financial groups were already positioning for new crypto investment products before the latest law was completed. Major Japanese brokerage groups including SBI, Rakuten, and Nomura were preparing or studying crypto investment trust products as regulators worked on rules allowing funds to hold digital assets.

For Laser Digital’s Japanese operation, the immediate focus remains liquidity provision to registered domestic crypto firms. The company’s approval marks the first new crypto exchange registration in Japan in approximately four years, signaling a potential opening for other entrants as regulatory clarity improves.

This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making investment decisions.

—