Nomura Holdings, a financial services holding company, is set to enter Japan’s cryptocurrency market via its Switzerland-based subsidiary, Laser Digital Holdings.
A spokesperson from Laser Digital confirmed on Friday that the subsidiary is in preliminary talks with Japan’s Financial Services Agency (FSA) and plans to apply for a license to offer crypto trading services to institutional investors in the country.
However, the spokesperson mentioned to Cointelegraph that the application timeline is currently “undetermined” and will hinge on the discussions with the FSA.
If granted, Laser Digital would provide broker-dealer services for traditional financial entities and crypto-focused businesses, including exchanges within Japan. Nomura is part of the Nomura Group, which is Japan’s premier investment bank and brokerage group.
Japanese institutions plan to invest in crypto
This move signals a wider trend of institutional interest in the Japanese crypto landscape.
Ealier this week, Daiwa Securities Group, one of the largest brokerages in Japan, launched a crypto lending service, enabling clients to borrow Japanese yen by using Bitcoin (BTC) and Ether (ETH) as collateral.
The initiatives by Laser Digital and Daiwa reflect the increasing demand for crypto investments in the region.
In June, Nomura and Laser Digital released findings from a survey that assessed the institutional desire for crypto. The survey revealed that 54% of investment managers—including family offices, corporations, and institutional investors—anticipate investing in cryptocurrencies within the next three years.
Related: Metaplanet expands Bitcoin strategy with new US, Japan units
Japan regulator proposes crypto rule overhaul
In conjunction with the rising institutional interest, Japan’s regulatory approach toward crypto has transitioned to a more favorable posture.
The nation is seeking to modify its crypto regulations to better align with traditional securities market rules and intends to reduce taxes on crypto transactions. In August, the country’s regulators discreetly approved the first stablecoin linked to the Japanese yen.
As the nation’s policies evolved, cryptocurrency adoption in Japan more than doubled.
On September 24, a Chainalysis report indicated that Japan experienced the most significant growth among five markets in the Asia Pacific (APAC) region. The value received onchain in the country surged 120% year-on-year in the 12 months leading to June.
Chengyi Ong, Chainalysis’s head of APAC policy, previously conveyed to Cointelegraph that the activity in the Japanese crypto market mirrors global trends, including a “noticeable increase in trading volume” following the US presidential election.
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