Nomura's Laser Digital Japan became the first new crypto exchange registered in Japan since 2021, targeting institutional clients as the country prepares a 20% flat tax on crypto gains by 2028.
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Japan just registered its first new crypto exchange in four years, and it belongs to one of the country's largest financial institutions. Laser Digital Japan, a subsidiary of Nomura Holdings' digital assets division, completed its registration as a Crypto Asset Exchange Service Provider with Japan's Financial Services Agency on August 21.
The firm isn't launching with a consumer-facing trading app or a flashy token listing spree. Its initial focus will be providing liquidity to domestic virtual asset service providers, essentially becoming plumbing for Japan's existing crypto infrastructure.
From there, the plan is to extend digital asset trading services to institutional clients.
This institutional-first approach makes strategic sense when you look at the demand data. A 2026 survey conducted by Nomura and Laser Digital found that 65% of institutional investors in Japan view crypto assets as a diversification tool. Approximately 79% indicated plans to invest within the next three years.
Dr. Jez Mohideen, co-founder and CEO of Laser Digital, said regulatory compliance and institutional-grade standards are central to the firm's strategy. The company already operates in other jurisdictions including Abu Dhabi and Dubai, giving it a cross-border regulatory track record that likely helped smooth the FSA approval process.
Laser Digital's registration didn't happen in a vacuum. It coincides with a sweeping legislative overhaul that is reshaping how Japan treats digital assets.
Japan's parliament recently approved legislation under the Financial Instruments and Exchange Act that reclassifies crypto assets. The new framework introduces explicit guidelines for exchanges, imposes stricter compliance requirements including insider trading restrictions, and proposes a 20% flat tax on qualifying crypto gains. That tax change is expected to take effect as early as January 1, 2028.
The tax piece alone could be transformative. Japan currently taxes crypto gains as miscellaneous income, which can push rates as high as 55% for top earners. A flat 20% rate would bring crypto taxation in line with how Japan treats stock market profits.
The 79% figure from the Nomura/Laser Digital survey, representing institutional investors planning near-term crypto allocations, suggests the demand side of the equation is already primed. Laser Digital's FSA registration and the FIEA reforms, particularly the 20% flat tax expected in 2028, represent the regulated, institutionally credible venue and clear legal framework that had been missing.
For context, Japan's crypto market has been effectively closed to new entrants since the 2022 FTX collapse and the stricter licensing regime that followed. The last new exchange registration before Laser Digital was in 2021. Laser Digital Japan is the first to break that freeze, and it did so under the roof of Japan's biggest brokerage.
Laser Digital's next move will be to see how quickly institutional capital actually flows through the new pipes. The survey numbers are one thing. Real allocation data from Japan's pension funds and asset managers will be the test.
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