Japan’s digital-asset revival has shifted from a murmur to a roar, and Nomura’s booming crypto market, Laser Digital, is moving to the front of the pack. In early October 2025, Bloomberg reported that Laser Digital plans to apply for a crypto trading license in Japan—an explicit push to serve institutional clients as local volumes surge and policy tailwinds gather. The firm is already in pre-application talks with the Financial Services Agency (FSA), signaling a determined bid to capture a share of the country’s resurgent liquidity.
The timing is not accidental. Data widely cited from Japan’s self-regulatory ecosystem points to a dramatic pick-up in activity, with industry reports noting transaction values roughly doubling this year and momentum spreading from retail to institutions. That shift dovetails with Japan’s evolving regulatory posture, which now looks set to normalize institutional access to digital assets, including potential changes around taxation, fund rules, and stablecoin infrastructure.
In this in-depth analysis, you’ll learn what Laser Digital is aiming to do in Japan, why the market is heating up, how regulation is opening the door for large players, and what the move could mean for liquidity, market structure, and long-term institutional adoption.
Why Laser Digital is aiming at Japan—now
Laser Digital, founded by Nomura in 2022 as a dedicated digital-asset subsidiary, has spent the past two years building capabilities in trading, asset management and solutions across multiple jurisdictions. With a Dubai license already under its belt and a Tokyo presence established in 2023, a regulated entry into Japan’s crypto trading stack feels like a logical next step.
The catalyst, however, is unmistakably cyclical and structural. Japan’s booming crypto market is expanding in both participation and sophistication. Reports referencing JVCEA data show a step-change in transaction values through 2024–2025, while a drumbeat of policy signals has emboldened traditional institutions to explore Bitcoin, Ethereum, and tokenized strategies more formally. Laser Digital’s planned application to the FSA—designed to enable brokerage services and market access for professional clients—directly targets that demand.
Institutional alignment with regulation
Japan’s booming crypto market and derivatives venues operate under a framework that includes self-regulation via the Japan Virtual and Crypto Assets Exchange Association (JVCEA). This setup—often described as conservative but clear—has gradually improved listing timelines and investor protections, creating a predictable environment for large financial groups. Laser Digital’s outreach to the FSA fits this pattern, positioning the firm to offer compliant access paths as institutions scale exposure.
Moreover, the Osaka Exchange is actively exploring crypto derivatives—futures and options—that could deepen liquidity and risk management tools for domestic players. A richer derivatives stack is typically a prerequisite for sustained institutional participation, enabling hedging, basis trading, and more nuanced portfolio construction. If Osaka’s plans progress, Laser Digital would meet a market evolving toward the very services it specializes in.
The demand Japan’s crypto rebound in numbers
Context matters when a global broker-dealer leans into a market. Japan’s crypto trading activity has staged a notable recovery, with media summarizing JVCEA figures that point to the transaction value doubling to roughly ¥33.7 trillion in the first seven months of 2025. While monthly totals fluctuate with volatility and price cycles, the direction of travel is clear: market depth is returning, and liquidity begets liquidity.
A wider APAC lens tells a similar story. Regional analyses show Asia-Pacific leading the global upswing, with monthly volumes significantly higher by late 2024 compared with the bear-market troughs. Japan’s contribution to that growth is increasingly visible, given domestic reforms and the re-engagement of local investors. For a Nomura unit like Laser Digital, this is the ideal blend: large pools of capital, growing turnover, and a rules-based pathway to access.
From retail to pros: the market structure shift
Historically, Japan’s booming crypto market has been retail-dominated. That’s changing. As policies clarify and infrastructure matures, asset managers, banks, and corporate treasuries are exploring tokenized assets, thematic baskets, and structured exposure to flagship coins. A regulated broker-dealer that understands both TradFi workflows and crypto microstructure can bridge these worlds. Laser Digital’s ambitions—providing brokerage and liquidity services to institutions and exchanges—map directly onto that gap.
What Laser Digital brings to the table
Laser Digital’s business spans three pillars: trading, asset management, and venture/solutions. Translating those capabilities to Japan could mean market-making and execution services for institutions, white-labeled liquidity for local platforms, and structured product design in partnership with affiliated or third-party managers. The firm’s track record operating under rigorous regimes—such as its financial services permission in the UAE—adds operational credibility as it engages with the FSA in Tokyo.
A Tokyo footprint—and local partnerships
Laser Digital opened a Tokyo office in 2023 and tapped veteran Nomura talent to lead the expansion, a sign that localization is a priority. On the partnership front, Nomura and Laser Digital have already teamed with GMO Internet Group to explore JPY- and USD-denominated stablecoins in Japan—an initiative that, if realized, could underpin settlement and on/off-ramp efficiency across institutional workflows. Stable, programmable cash-like assets are a critical puzzle piece for T+0 trading, collateral optimization, and corporate treasury usage.
The regulatory runway: from clarity to competitiveness
Japan’s regulatory evolution is iterative but decisive. In recent years, policymakers have tightened custody and exchange rules while enabling gradual innovation in listings, tokenization, and potential fund vehicles. Industry coverage highlights ongoing discussions around tax treatment and permissible fund structures—both of which matter enormously for institutional allocation decisions. Laser Digital’s licensing push is thus a bet that Japan is ready to compete with hubs like Hong Kong, Singapore, and Dubai for high-quality crypto order flow.
The role of Osaka’s derivatives ambitions
If Osaka ultimately lists booming crypto market, it would mark a structural milestone. Derivatives pull in market-neutral funds, arbitrageurs, and hedgers, all of whom enhance price discovery and depth. With a derivatives venue and an institutional brokerage like Laser Digital in the same ecosystem, Japan could build a self-reinforcing liquidity loop—spot, futures, options, and basis trading—driving spreads tighter and making the market more attractive for global allocators.
Competitive dynamics: who else is in the race
Japan’s top exchanges and brokerages are already positioning for an institutional future, and international players are reassessing the market. Laser Digital’s edge is its Nomura lineage—deep relationships with pensions, insurers, corporates, and sovereigns—and its booming crypto market model. That combination is rare. If the license is granted, expect a flurry of integrations with custody providers, OTC venues, and local platforms to accelerate onboarding.
Media reports also note that Laser’s service design centers on broker-dealer plumbing for both financial institutions and crypto firms, including exchanges. That dual-front strategy—serving buy-side clients while providing liquidity to platforms—helps bootstrap volumes swiftly and embeds Laser in the value chain.
Also Read: Ethereum News for Crypto Beginners Your Complete Guide to Understanding ETH in 2025
Market structure implications if Laser Digital secures approval
A successful license application could influence Japan’s booming crypto market in at least four ways.
Deeper liquidity and tighter spreads
Institutional market-makers and agency brokers tend to compress bid–ask spreads by competing on price and speed. As Laser Digital activates in Japan, expect more competitive quotes across BTC/JPY, ETH/JPY and major USD pairs, particularly during Asian hours. In addition, a broker with cross-venue connectivity can route flow intelligently, improving execution quality for large tickets.
Institutional-grade access and risk controls
Institutions need more than an exchange login. They require best-execution policies, pre-trade risk checks, FIX connectivity, TCA (transaction cost analysis), and policy-aligned KYC/AML processes. A licensed broker that mirrors TradFi standards lowers operational friction for asset managers and corporate treasurers entering the asset class.
Product innovation, including structured and tokenized instruments
With regulatory green lights, brokers often collaborate with asset managers to design structured notes, yield strategies, or tokenized funds that map to investor mandates. Japan’s interest in tokenization—especially around security tokens and real-world assets—makes this a natural avenue for growth.
A catalyst for derivatives growth
If Osaka’s derivative ambitions bear fruit, a licensed broker could drive flows between spot and futures, enabling basis trading and hedge overlays. That activity improves market resilience and price discovery, which, in turn, attracts long-horizon allocators.
Risks and execution challenges
No expansion is guaranteed, even for a Nomura-affiliated firm. Three frictions deserve attention.
Regulatory throughput and sequencing
Pre-application dialogues can stretch as regulators calibrate investor protections, capital requirements, and operational rules. The FSA has earned a reputation for diligence—a positive for market integrity, yet a factor that can slow activation timelines. Market participants should plan for staged approvals where brokerage permissions arrive before broader product sets. Media reports confirm Laser Digital is in preliminary talks as it prepares to apply, underscoring that this is a process, not an event.
Market cyclicality
Crypto cycles can turn abruptly. While 2025’s uptrend has energized volumes, price drawdowns could test institutional commitment. Laser Digital’s diversified footprint and balance between agency brokerage and principal activities will matter if volatility spikes or liquidity thins.
Competition and differentiation
Japan’s incumbents won’t stand still. Exchanges are courting institutional flows, and global brokers are enhancing Asia coverage. Laser Digital must differentiate on connectivity, liquidity, counterparty reliability, and the quality of client service to earn primary-broker status with Japan-based asset owners.
The stablecoin angle—and why it matters
Nomura and Laser Digital’s partnership with the booming crypto market to explore JPY/USD stablecoin issuance is more than a side quest. If Japan embraces fiat-backed stablecoins at scale—paired with robust onshore compliance—brokers can offer instant settlement, simplify collateral workflows, and enable programmable cash management. For institutions wary of operational drag, that’s a compelling unlock.
In practice, a JPY stablecoin could support intra-day funding for trades, while a compliant USD counterpart enables cross-border arbitrage without traditional wire delays. The downstream effect: tighter spreads and more arbitrage capital active in Japan’s time zone.
How Japan could become Asia’s institutional crypto hub
With Hong Kong advancing spot ETFs and Singapore specializing in regulated infrastructure, Japan’s sweet spot may be a blend: a retail-tested market upgrading for institutions, anchored by a conservative but clear rulebook. Add Osaka’s potential derivatives venue, stablecoin rails, and a licensed, Nomura-backed broker like Laser Digital, and you have the contours of a high-trust, high-liquidity ecosystem.
The road ahead
In the near term, watch for incremental milestones: formal license application, selection of local custodians, initial client integrations, and potential pilot trades with financial institutions and booming crypto market. Also keep an eye on JVCEA communications and FSA consultations for clues on listing practices, custody standards, and fund distribution rules, all of which affect the speed and scope of institutional adoption.
Conclusion
Laser Digital’s plan to secure a booming crypto trading market is a targeted strike at a market in motion. Backed by Nomura’s distribution and relationships, the unit is positioning itself to broker the next phase of Japan’s digital-asset evolution: orderly institutional access, richer derivatives, and settlement rails that make booming crypto market more like other asset classes. The combination of policy clarity, rising volumes, and a deep pool of domestic capital offers a rare opportunity. If Laser Digital executes—and if regulators continue to refine a pro-innovation, risk-aware framework—Japan could emerge as Asia’s most institutional-friendly crypto hub.
As the headlines make clear, momentum is building. Now the question is whether Laser Digital can turn regulatory engagement into a durable competitive edge, and whether Japan’s market structure will coalesce fast enough to keep global capital engaged through the next cycle.
FAQs
What exactly did Laser Digital announce about Japan?
Laser Digital is preparing to apply for a booming crypto market license in Japan and has begun pre-application discussions with the FSA. The aim is to provide broker-dealer-style services to institutional clients and potentially to local crypto platforms. This has been reported by multiple outlets citing Bloomberg’s scoop.
Why is Japan’s crypto market considered “booming” right now?
Industry coverage summarizing JVCEA data indicates that transaction values roughly doubled in early 2025, reflecting renewed participation and improved market infrastructure. That’s occurring alongside an APAC-wide volume rebound.
How would Osaka Exchange’s crypto derivatives plans affect institutions?
If realized, listed futures and options would enhance hedging and basis opportunities, deepen liquidity during Asian hours, and make Japan more attractive to market-neutral funds and allocators that require robust risk tools.
Does Laser Digital already have a presence in Japan?
Yes. Laser Digital opened a Tokyo office in 2023 and has been expanding its regional footprint, which should streamline localization and client onboarding once approvals are in place.
What role could stablecoins play in this strategy?
Nomura and Laser Digital have partnered with GMO Internet Group to explore JPY/USD stablecoins in Japan. Compliant, fiat-backed stablecoins could enable instant settlement, reduce counterparty risk, and improve capital efficiency for institutional trades.
