Nomura's digital asset arm Laser Digital has become the first company in four years to register as a crypto asset exchange service provider in Japan, clearing a regulatory bottleneck that had stayed shut since 2022. Laser Digital Japan completed the registration under Japan's Payment Services Act, the company said on Friday, August 21. It is the first new entrant to the country's licensed crypto sector since Binance Japan was authorized in October 2022. The firm will start by supplying liquidity to domestic crypto platforms and plans to add trading services for institutional investors later, arriving just as Japan prepares to move digital assets under a financial-instruments framework.
A crypto asset exchange service provider is a company licensed by Japan's Financial Services Agency to buy, sell or broker digital assets for customers under the Payment Services Act.
Key takeaways
- Laser Digital, backed by Japan's largest investment bank Nomura, is the first firm to secure a Japanese crypto exchange registration since Binance Japan in October 2022.
- The company will first provide institutional liquidity to domestic virtual asset service providers, then expand into digital-asset trading for institutional investors on a date it has not disclosed.
- Japan reclassified crypto as a financial instrument a month ago, a change that opens the door to crypto ETFs and separate taxation from 2027.
- A 2026 Nomura and Laser Digital survey found 79% of institutional respondents plan to invest in crypto within three years, and 65% see it as a diversification tool.
Published: August 21, 2026, 16:00 UTC
Why Japan reopened the door
Japan built one of the world's earliest crypto licensing regimes after the 2014 collapse of Tokyo-based exchange Mt. Gox, then tightened it further following the 2018 Coincheck hack. The strict rules kept consumers relatively protected but also slowed new entrants to a trickle. No firm had cleared the Financial Services Agency's registration process since Binance Japan in October 2022, until Laser Digital's name appeared on the regulator's list this week.
The approval lands during a policy shift. Japan reclassified cryptocurrencies as financial instruments a month ago, a structural change that sets the legal groundwork for spot crypto exchange-traded funds and separate taxation of digital-asset gains. Those rules are expected to take effect in 2027. Registering now positions Laser Digital ahead of that framework rather than after it.
What Laser Digital plans to offer
Laser Digital Japan will initially provide institutional liquidity solutions to domestic virtual asset service providers, the licensed exchanges and brokers that serve Japanese customers. Deep liquidity lets those platforms fill customer orders at stable prices, so a wholesale counterparty sitting behind them can matter as much as any consumer-facing product. Trading services aimed directly at institutional investors are planned for a later stage, though the company has not named a launch date or the specific products.
The registration adds to a wider build-out. Laser Digital launched in 2022 and now runs three business lines across trading, asset management and venture investment. In January it applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter and received preliminary conditional approval in May, an entity intended to offer custody, staking and spot trading to U.S. institutions. The Tokyo office that housed the Japanese application opened in October 2025.
Who is affected and what comes next
The immediate beneficiaries are Japan's existing crypto platforms, which gain a bank-backed liquidity provider to route large orders through. For Nomura, Japan's largest investment bank, the license is a way to serve institutional clients who want regulated exposure to digital assets without holding tokens directly.
Demand appears to support the bet. A 2026 survey by Nomura and Laser Digital found that 79% of institutional respondents plan to invest in crypto assets within the next three years and 65% treat the asset class as a diversification tool. "Japan's digital assets market is entering a new phase of maturity," said Jez Mohideen, co-founder and chief executive of Laser Digital, pointing to a need for trusted counterparties and institution-grade infrastructure.
The next markers to watch are the rollout of Laser Digital's institutional trading service, whether rival Japanese banks such as Daiwa and SMBC Nikko pursue their own licenses, and how the 2027 financial-instruments rules reshape the market. For now, one four-year freeze has ended, and the first name through the gate carries a major bank behind it.
Frequently asked questions
Why was this Japan's first crypto license in four years?
Japan runs a strict registration regime built after the Mt. Gox and Coincheck failures, which slowed new approvals. No firm had cleared the Financial Services Agency's process since Binance Japan in October 2022, making Laser Digital the first new entrant since then.
What will Laser Digital Japan actually do?
It will first supply institutional liquidity to domestic licensed crypto exchanges and brokers, helping them fill large orders. The firm plans to add digital-asset trading for institutional investors later but has not set a launch date or named the products.
How does Japan's new crypto classification matter here?
Japan reclassified crypto as a financial instrument a month ago, creating the legal basis for spot crypto ETFs and separate taxation of digital-asset gains from 2027. Laser Digital's registration positions it ahead of that framework taking effect.
