The financial landscape in Japan is evolving, with significant interest in the cryptocurrency sector catching the attention of major firms. As trading activity gains momentum, traditional financial institutions are looking to capitalize on this growth.
One prominent player, Nomura Holdings, is gearing up to enhance its position within Japan’s burgeoning crypto market. Through its subsidiary, Laser Digital Holdings, based in Switzerland, the company aims to secure a license to offer trading services specifically tailored for institutional clients.
Strategic Expansion Plans
Laser Digital is engaging in discussions with Japan’s Financial Services Agency, reflecting a significant commitment to the digital asset market in Japan. According to Laser’s CEO, the move represents a strong belief in the country’s digital asset ecosystem. Established in 2022, Laser has already made strides by obtaining a comprehensive crypto business license in Dubai within a year.
Nomura aims to boost its presence in Japan’s crypto market through a new strategy focused on institutional clients as trading volume rises.
— Financial Reports (@finreports) October 3, 2025
If the application is approved, Laser plans to operate as a broker-dealer, providing critical support to banks, pension funds, and cryptocurrency firms while also facilitating exchanges operating within Japan.
An Overview of Challenges and Aspirations
Nomura established Laser to offer a wide spectrum of services, including asset management, venture investments, and trading solutions for digital assets. However, the results have been a mixed bag, with the unit not consistently generating profits.
This past year, Nomura reported a quarterly loss in Europe, partly attributed to the activities of Laser. The company’s CFO described the financial performance of the unit as “disappointing.” Initially optimistic projections put forward by Mohideen regarding a break-even point within two years were later tempered by acknowledgment of potential delays in achieving profitability.
Cryptocurrency Trading Volumes Surge
As reported by the Japan Virtual and Crypto Assets Exchange Association, the value of cryptocurrency transactions in Japan skyrocketed to ¥33.7 trillion (approximately $230 billion) in just the first seven months of the year, demonstrating a robust increase compared to previous periods.
Moreover, the value received on-chain experienced a remarkable 120% growth over the year leading up to June 2025, surpassing market developments in countries like South Korea, India, and Vietnam. This surge is partly attributed to new regulatory measures, including tax incentives and fresh guidelines for crypto funds, which have drawn in both younger retail investors and larger institutional players.
Legacy Financial Firms Embrace Cryptocurrency
Signs of mainstream financial acceptance of cryptocurrencies are increasing. For example, Daiwa Securities has permitted clients in its retail branches to utilize Bitcoin and Ether as collateral for loans in yen. Such steps indicate a significant shift in how major financial institutions regard digital currencies.
Additionally, a newly licensed stablecoin issuer has further broadened the array of resources available to traders and fund managers, enhancing market dynamics.
The Profitability Dilemma
Despite rising trading volumes and enhanced on-chain activity, the business rationale for many new entrants into the crypto market remains unproven. The early financial struggles faced by Laser, alongside its postponed profit expectations, highlight the inherent risks in this volatile sector.
Nomura’s foray into Japan’s crypto marketplace appears to be a determined long-term strategy, but short-term returns remain ambiguous. The pace of institutional investments and the regulatory environment will be crucial factors influencing their success moving forward.
Image source from Unsplash, data visualization from TradingView
