Nomura-backed Laser Digital has completed registration as a crypto asset exchange service provider in Japan, becoming the first newly registered crypto exchange operator in the country in about four years. The subsidiary of Nomura Group will initially supply liquidity to domestic virtual-asset service providers before expanding into institutional digital asset trading, although no launch date has been announced for the institutional offering.
The approval follows Japan’s sweeping regulatory overhaul. In July, Japan passed legislation that reclassifies digital assets as financial products under the Financial Instruments and Exchange Act, moving them away from the older Payment Services Act framework. The reformed rules introduce insider-trading restrictions for crypto transactions, annual disclosure obligations for certain token issuers, and higher penalties for unregistered operators. Tax changes are also planned: individual crypto gains currently treated as miscellaneous income with rates up to about 55% could shift to separate taxation at around 20%, with enforcement expected during Japan’s 2027 fiscal year, potentially effective January 2028.
Laser Digital was established by Nomura in 2022 and has built operations in trading, asset management and venture investment. It received a full crypto business license in Dubai in 2023 and has launched institutional investment products including a Bitcoin Adoption Fund and Ethereum-focused funds. The company has also explored yen- and dollar-pegged stablecoins with GMO Internet Group. CEO Jez Mohideen said the Japanese market is reaching “a new phase of maturity,” while co-founder Steve Ashley emphasized that sophisticated investors want access and institutional-quality infrastructure.
The registration comes as traditional Japanese financial groups prepare for broader digital-asset products. SBI, Rakuten and Nomura have been preparing or studying crypto investment trust products, and the Japan Exchange Group has been considering local spot crypto ETF listings as early as 2027. A 2026 survey by Nomura and Laser Digital found that 79% of respondents planned to invest in crypto assets within the next three years, supporting the firm’s decision to build institutional services in Japan.
Because the new framework provides legal groundwork for domestic spot crypto ETFs and investment trusts, the country’s evolving rules could strengthen institutional access to major assets such as Bitcoin and Ethereum. Laser Digital’s registration therefore marks both a company milestone and a signal of Japan’s shift toward a more structured, institution-friendly digital-asset market.
