Exploring Nomura’s Strategic Expansion in Japan’s Crypto Market
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Nomura’s Ambitious Move into Japan’s Cryptocurrency Space
Recent reports indicate that Nomura Holdings is gearing up to enhance its presence in Japan’s burgeoning crypto market, as trading activities experience a significant uptick nationwide.
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This strategic initiative is being undertaken through Laser Digital Holdings, a Nomura subsidiary based in Switzerland. Laser Digital is currently engaged in preliminary discussions with Japan’s Financial Services Agency to secure a license that would enable it to offer trading services to institutional clients. This move underscores a concerted effort to integrate more traditional financial entities into the crypto ecosystem.
Nomura’s Commitment to Digital Assets
According to Laser Digital’s CEO, Jez Mohideen, the licensing application demonstrates the group’s strong belief in Japan’s digital asset market. Established in 2022, Laser Digital successfully obtained a comprehensive crypto business license in Dubai in 2023.
In a move to further solidify its presence, a Japanese subsidiary was established in the same year. Upon receiving regulatory approval, Laser plans to function as a broker-dealer for banks, pension managers, and cryptocurrency firms, while also supporting exchanges operating within Japan.
Nomura’s Journey: Ambitions and Challenges
Nomura launched Laser Digital to encompass asset management, venture investments, and trading services for digital assets. However, the unit has faced challenges in achieving consistent profitability. Earlier this year, Nomura reported a quarterly loss in Europe linked partly to Laser’s operations. CFO Hiroyuki Moriuchi described the unit’s performance as “suboptimal.”
While Mohideen initially projected that Laser would achieve breakeven status within two years of inception, he later cautioned that realizing profitability might take longer than anticipated.
Surging Crypto Trading Volumes in Japan
The Japan Virtual and Crypto Assets Exchange Association reported that the value of cryptocurrency transactions in Japan soared to ¥33.7 trillion (approximately $230 billion) in the first seven months of the year, effectively doubling the previous rate. The on-chain value received surged by 120% over the 12 months leading to June 2025, surpassing markets like South Korea, India, and Vietnam.
Policy measures, including potential tax reductions and new regulations for crypto funds, are drawing interest from both young retail investors and substantial institutional players.
Mainstream Financial Firms Embrace Cryptocurrency
Daiwa Securities has recently enabled clients at its 181 retail branches to use Bitcoin and Ether as collateral for yen loans. This development illustrates how major financial institutions are integrating cryptocurrencies into their regular financial services. Additionally, a yen-backed stablecoin issuer has received a license, offering more tools for traders and fund managers.
Profitability Questions Persist
Despite the rise in trading and on-chain activities, the business viability for some new entrants remains uncertain. Laser’s initial losses and delayed profit forecasts highlight these risks. While Nomura’s expansion into Japan represents a long-term strategy, short-term returns remain ambiguous, dependent on the pace of institutional inflows and regulatory developments.
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