A landmark survey conducted by Japanese financial giant Nomura and its digital asset subsidiary Laser Digital reveals a dramatic shift in institutional attitudes toward cryptocurrency investment in Japan. The study, which gathered responses from 518 investment professionals in December and January, found that nearly 80% of Japan's institutional investors plan to add digital assets to their portfolios within the next three years.
The findings indicate a move from cautious observation to active portfolio planning. More than half of the respondents target allocations between 2% and 5% of their total portfolios, with the primary motivation being crypto's low correlation with traditional asset classes as a diversification tool.
Sentiment is improving significantly. The survey shows 31% of respondents now hold a positive outlook on crypto, up from 25% in 2024. Conversely, negative sentiment has declined to 18%. This growing confidence is attributed in part to Japan's established and evolving regulatory framework, which was initiated after the Mt. Gox collapse in 2014 and has been refined through updates to laws like the Financial Instruments and Exchange Act.
This regulatory clarity has fostered a robust domestic crypto ecosystem, featuring major players like financial conglomerate SBI Holdings and long-standing exchange bitFlyer. Traditional finance is also deepening its involvement, with Nomura launching Laser Digital in 2022 for trading and asset management, and Mitsubishi UFJ Financial Group exploring tokenized deposits and stablecoins.
Interest is expanding beyond simple price exposure. Over 60% of institutional investors expressed interest in income-generating strategies such as staking and lending, as well as derivatives and tokenized assets. Furthermore, 63% identified stablecoins as having potential use cases for treasury management, cross-border payments, and foreign exchange, with a noted preference for those issued by major financial institutions.
Despite the bullish outlook, challenges remain. Investors cited the lack of established valuation frameworks, counterparty risks (including fraud and asset loss), regulatory uncertainty, and high volatility as ongoing barriers to adoption. However, the core debate has shifted; institutions are no longer questioning whether to invest, but are now focused on how to structure their exposure, including allocation size, custody, and product selection.
