TechFlow News, February 18: According to DL News, Japan’s three largest securities firms—Nomura Holdings, Daiwa Securities Group, and SMBC Nikko Securities—are considering entering the cryptocurrency exchange business. Collectively, these three firms have a market capitalization of approximately $48 billion. Among them, Nomura Holdings plans to launch related services through its Swiss crypto subsidiary, Laser Digital, with cryptocurrency trading services expected to go live as early as the end of 2026.
According to Japan’s Nikkei, these brokerages aim to position themselves ahead of time—once Tokyo lifts restrictions on cryptocurrency ETFs, a surge in institutional investment demand is anticipated. The primary target customers for all three firms are corporate clients.
On the regulatory front, Japan’s Financial Services Agency (FSA) plans to revise the Financial Instruments and Exchange Act, reclassifying Bitcoin and select high-market-cap tokens from their current designation as “payment instruments” to “investment products.” This move is widely viewed as a significant signal that traditional financial institutions are preparing for full-scale entry into the crypto market. Nomura Holdings is reportedly set to apply for a Japanese operating license for Laser Digital within the coming months, while SMBC Nikko has already established a decentralized finance (DeFi) division to explore related opportunities.
Notably, Japan’s current exchange licensing regime is highly stringent, with approvals granted so far to only a handful of tech startups. Previously, SBI Holdings and Monex Group entered the space indirectly by acquiring small cryptocurrency exchanges.
