Japan’s Top Three Securities Firms Enter Cryptocurrency Exchange Market—Will the Landscape Shift?

▲ Japanese yen and Bitcoin (BTC) ©

Major Japanese securities firms are seriously considering entering the cryptocurrency exchange market, signaling a shake-up in traditional finance.

According to DL News on February 18 (local time), Nomura Holdings, Japan’s largest securities firm, is pushing to launch cryptocurrency trading services by the end of 2026. Nomura manages approximately $673 billion in client assets and reportedly plans to expand the business through its Switzerland-based subsidiary, Laser Digital. Daiwa Securities Group and SMBC Nikko Securities are also said to be actively reviewing entry into the crypto exchange market. The combined market capitalization of the three firms amounts to roughly $48 billion.

The securities firms are reportedly moving preemptively, anticipating a surge in investor demand if Tokyo authorities ease regulations on spot cryptocurrency ETFs. In particular, they aim to target corporate clients and capture institution-driven trading demand. In Japan, major cryptocurrencies including Bitcoin (BTC) are currently classified as “means of payment,” but as efforts to reclassify them as financial products gain momentum, expectations are rising for broader participation from traditional financial institutions.

However, operating a cryptocurrency exchange in Japan requires passing a stringent licensing process. So far, only a small number of technology-based startups have obtained approval. As a result, Nomura will likely need to apply for a separate business license to operate domestically or consider acquiring an already licensed exchange. Reports indicate that Nomura plans to pursue a Japanese business license for Laser Digital in the coming months, while SMBC Nikko Securities has established a dedicated department focused on decentralized finance.

Previously, SBI Holdings and Monex Group entered the market by acquiring smaller cryptocurrency exchanges through mergers and acquisitions and reorganizing them as subsidiaries. Although Nomura recently reduced its cryptocurrency holdings after Laser Digital posted losses in the third quarter, the firm has stated that its strategic commitment to digital asset-related businesses remains unchanged.

Moves by Japan’s Financial Services Agency to amend the Financial Instruments and Exchange Act to reclassify major coins such as Bitcoin as investment products are also cited as factors accelerating the entry of traditional financial firms. Last November, six financial companies, including Nomura and Daiwa, expressed their intention to launch cryptocurrency funds for domestic investors, signaling potential market expansion.

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