Nomura intensifies entry into Japan's virtual-asset market through subsidiary 'Laser Digital'

Japan's largest securities firm Nomura Holdings(Nomura Holdings) is moving to expand into the Japanese virtual-asset (cryptocurrency) market through its subsidiary Laser Digital(Laser Digital).

Jez Mohideen(Jez Mohideen), chief executive officer (CEO) of Laser Digital(Laser Digital), said in an interview with Bloomberg on the 2nd (local time) that "we are preparing to apply to the Japan Financial Services Agency (FSA) for a license to provide virtual-asset trading services to institutional investors," adding that "we are currently in the pre-consultation stage." Laser Digital, headquartered in Switzerland, is a 100% subsidiary of Nomura.

Recently, the volume of virtual-asset trading within Japan has surged. According to the Japan Virtual Asset Exchange Association (JVCEA), the volume of virtual-asset trading in Japan over the first seven months of this year was ¥33.7 trillion (about $230 billion), double that of the same period last year. The Japanese government's tax easing and the push to introduce specialized funds for virtual assets are also acting as new entry factors. CEO Mohideen emphasized that "the entry into Japan reflects our optimistic outlook on Japan's digital asset ecosystem."

If the license is approved, Laser Digital plans to start broker-dealer services targeting traditional financial firms and virtual-asset exchanges in Japan.