What happened?
Nomura’s crypto arm Laser is applying for a license to offer institutional crypto trading services in Japan and is in pre-consultation with the Financial Services Agency. The unit, which already has a Dubai license and a Japanese subsidiary, aims to act as a broker-dealer for both traditional financial institutions and crypto firms. The move comes as Japan’s crypto trading value has surged, roughly doubling to ¥33.7 trillion in the first seven months of the year.
Who does this affect?
Institutional investors and traditional financial firms in Japan could gain new access to regulated crypto trading and custody services. Crypto exchanges, fintechs, and younger retail investors may face more competition and a wider set of institutional-grade products. Nomura and its shareholders are also affected because Laser’s past losses mean the expansion could influence the bank’s near-term profitability even as it chases growth.
Why does this matter?
More activity from a major bank’s crypto unit signals accelerating institutional adoption, which should boost liquidity and trade volumes in Japan’s market. That can speed the rollout of new services like using crypto as collateral and encourage more licensed stablecoins and fund products. At the same time, increased competition and tighter regulatory scrutiny could squeeze margins and create challenges for firms trying to turn a profit even as the market expands.