The Laser Digital Japan registration completed on 21 August makes Nomura’s digital-asset subsidiary the first new crypto exchange operator approved in Japan since 2022, and it arrives under a regulatory framework already voted out by parliament.
Laser Digital Japan, listed under Kanto Local Finance Bureau Director No. 00032, joins a registry that now counts 27 licensed crypto asset exchange service providers across Japan, with 25 of those registered under the Kanto Local Finance Bureau, according to the Financial Services Agency’s Japanese-language registry updated on 21 August. The FSA’s English-language registry, last updated on 30 June, listed 26 operators at that point, one fewer than the current total, because it predates the new registration.
The firm is a member of the Japan Virtual and Crypto Assets Exchange Association, the certified association for payment service providers. Its initial asset scope covers bitcoin, ether, XRP, bitcoin cash, litecoin and shiba inu. Laser Digital Japan said it will first supply liquidity to Japan’s existing licensed exchanges before later offering digital-asset trading to institutional clients.
‘Japan’s digital assets market is entering a new phase of maturity,’ said Jez Mohideen, Laser Digital’s co-founder and CEO.
Why the Laser Digital Japan Registration Took So Long
The four-year gap since the last new entrant does not reflect a formal freeze. Binance Japan was added to the registry in October 2022, when Binance acquired the licensed local exchange Sakura Exchange Bitcoin. Before that, Mercari’s crypto arm Mercoin registered in June 2022.
Japan’s admission process is built around a checklist of more than 400 questions, covering corporate structure, capital adequacy, custody arrangements, asset segregation, anti-money-laundering controls and cybersecurity. The Financial Services Agency revised its screening questionnaire in June 2024, a step the regulator said was intended to improve predictability and transparency in the process, according to the FSA’s announcement of the change.
After the collapse of FTX, scrutiny of custody and client-asset protection tightened further. For many international firms, buying an already-registered Japanese operator became a more practical route than direct registration, which explains why Laser Digital’s approval stands out.
Registered Under Rules That Parliament Has Already Replaced
Laser Digital’s licence falls under the Payment Services Act, which treats crypto assets primarily as payment instruments. In July, Japan’s parliament passed legislation reclassifying 105 specified crypto assets as financial products under the Financial Instruments and Exchange Act, placing them under the same framework as stocks and bonds, including insider-trading prohibitions, according to Tech Times. The legislation was enacted on 15 July.
The new crypto provisions take effect on a date to be set by Cabinet Order, no later than one year after the legislation’s 23 July promulgation. Industry estimates point to around 2027. For investors in crypto assets, the tax picture also shifts: a flat 20% rate on qualifying crypto gains would replace a current top rate of 55%, expected to apply as early as 1 January 2028. Implementing rules have not yet defined how already-registered operators such as Laser Digital will transition to the new regime.
Where Nomura’s Institutional Push Fits
Laser Digital’s Japan move sits alongside a broader shift among Japan’s largest financial groups. SBI Holdings runs its own registered exchange, SBI VC Trade, alongside stablecoin distribution. MUFG is developing its Progmat tokenisation platform and has tested on-chain repo transactions using Japanese government bonds. SMBC and Mizuho are participating in a joint megabank stablecoin settlement project. The pattern across these groups is positioning around the infrastructure for tokenised finance rather than competing for retail trading volume.
Globally, Laser Digital already operates through licensed entities in Switzerland, Dubai, Abu Dhabi Global Market and the UK. In January it applied to the US Office of the Comptroller of the Currency for a national trust bank charter, and in May received preliminary conditional approval. The conditionally approved subsidiary, Laser Digital National Trust Bank, is intended to help institutional clients move money across traditional currencies, stablecoins and other digital assets, handle cross-border payments, and manage collateral across crypto and conventional markets, according to Reuters. Final authorisation requires Laser Digital to satisfy all pre-opening conditions including minimum capital requirements, Markets Media reported. At least 15 applications for bank charters overseen by the OCC had been submitted by digital-asset-related firms since the start of 2025, according to data compiled by S&P Global cited by Reuters, which places Laser Digital among a crowded but not yet resolved field.
A 2026 survey by Nomura and Laser Digital found 65% of institutional investors in Japan view crypto assets as a diversification tool, and 79% plan to invest in the asset class within three years. The firm has not disclosed a launch date for its institutional trading services or the final scope of products it will offer.
The timeline that matters most for holders watching this space is the Cabinet Order setting the new regulatory framework’s effective date: that single decision will determine whether Laser Digital’s Payment Services Act registration becomes a bridging step or a longer-term operational baseline.
