Japan's First New Crypto Exchange in Four Years: Laser Digital

Japan has licensed its first new crypto exchange in four years, handing Nomura Holdings' digital-asset arm Laser Digital Japan a registration that opens a market long closed to new entrants. The approval, under Japan's Payment Services Act, carries registration number Kanto Local Finance Bureau No. 00032. Laser Digital Japan is the first firm to receive such a licence since 2022.

The exchange will start by offering liquidity services to domestic virtual asset service providers. Institutional trading services for corporates and pension funds are planned later, with government-linked entities also targeted. No launch date has been confirmed. Supported assets currently include BTC, ETH, XRP, BCH, LTC, and SHIB.

Jez Mohideen, co-founder and CEO of Laser Digital Japan, called the registration a market inflection point. "Japan's digital assets market is entering a new phase of maturity," he said in a statement. "As institutional investors increase their interest in this asset class, there remains a need for trusted counterparties and infrastructure designed specifically for their requirements."

The registration ends a long freeze. Japan's crypto exchange registry was effectively closed after a wave of scandals in the early 2020s, including the collapse of Mt. Gox and the Coincheck hack. Strict vetting standards kept new entrants out. The approval signals that regulators are now willing to admit globally credentialled, institutionally backed players.

The regulatory backdrop has shifted. Japan recently reclassified crypto assets as financial instruments, moving them under the Financial Instruments and Exchange Act. That change lays the groundwork for exchange-traded products, with Japan's first crypto ETFs expected as early as 2028, according to local reports. Nomura has been flagged as a likely first mover among ETF issuers.

Legislative changes are also underway. Japan's parliament passed a crypto reform bill that cuts the tax rate on crypto gains to a flat 20%, down from a previous ceiling of 55%. Those changes are expected to take full effect around 2027–2028, giving institutions a cleaner long-term cost structure.

The demand is already visible. A 2026 survey by Nomura and Laser Digital found that 79% of Japanese institutional investors plan to invest in crypto within three years. Digital asset holdings by Japanese investors reached ¥4.9 trillion, about $33 billion, as of September 2025.

Laser Digital's global compliance track record gave Japanese regulators a basis for assessment. The firm holds a VARA licence in Dubai and operates in Switzerland. It also received a conditional OCC trust bank approval in the United States.

Steve Ashley, co-founder and executive chairman of Laser Digital, said the entry reflects a broader global shift. "Sophisticated investors are increasingly looking for access and the necessary quality of infrastructure behind it."

Japan's 2026 Basic Policy explicitly references on-chain finance, a sign the government sees digital assets as part of the country's financial architecture, not a fringe risk.