Japan’s Crypto Freeze Cracks as Nomura Wins Coveted New License

Nomura Holdings’ Laser Digital Japan has cracked Japan’s crypto licensing wall, ending a roughly four-year drought without a new industry entrant and planting one of the country’s financial heavyweights squarely inside regulated digital-asset trading.

Nomura is not using the license to chase retail traders with another crypto app. Laser Digital is starting where institutional desks need help, supplying liquidity to Japan’s licensed crypto firms so bigger orders can clear without ripping through thin order books.

Institutional trading for professional Japanese investors comes later, although Laser Digital has not pinned down a launch date or revealed its complete product lineup.

Steve Ashley, co-founder and executive chairman of Laser Digital, said the approval reflects growing demand from professional investors for regulated infrastructure.

The executive stated:

“As institutional appetite for digital assets grows across global markets, sophisticated investors are increasingly looking for access and the necessary quality of infrastructure behind it. This registration reflects our ability to meet regulatory requirements in Japan, building on the track record we have established in other markets.”

Japan’s guardrails remain unforgiving. Client assets must stay separated from company funds, at least 95% of customer crypto is expected to sit in offline cold storage, and annual audits verify those controls. The license does not cover crypto derivatives or let Laser Digital sponsor an exchange-traded fund.

The timing also puts Laser Digital ahead of Japan’s bigger regulatory reset. Lawmakers passed legislation July 15 to pull crypto deeper into the securities framework, with major provisions expected by fiscal 2027. Policymakers are also weighing tax changes and rules that could eventually unlock domestic spot crypto investment products.