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Crypto Garage, Inc. (株式会社 Crypto Garage) — Japan crypto-asset exchange operator overview

Confidence: Likely Updated 2026-05-18 Review by 2026-09-22 Sources 5 Machine-translated Original (JA)
#fintech#jp-crypto-exchange#vasp#institutional#blockchain-infrastructure
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This entry sits under exchanges index. Read it with FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for adjacent context and Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for the broader system boundary.

FSA registration number, Kanto Local Finance Bureau 第00029号 · JVCEA member #1035 · registration date 2021-06-29

1. Corporate / shareholders

  • Trade name: 株式会社 Crypto Garage (English: Crypto Garage, Inc.)
  • Established: 2018年9月
  • Head-office location: France Building, Ebisu-Nishi 2-19-9 , Shibuya-ku, Tokyo
  • Corporate number: 6011001124112
  • Capital structure (disclosed portion):
    • Digital Garage, Inc. (Digital Garage · TSE Prime 4819) is the principal investor. The joint-venture partner at founding was Tokyo Tanshi Co., Ltd. In 2021年10月 a third-party allotment of shares was carried out with Nomura Holdings, Inc. as the allottee, and Nomura HD participated as a new investor.
    • Blockstream is also listed in the “Backed By” section of the corporate site, with its capital / technology partnership publicly disclosed.
    • The specific shareholding ratios of each company are not disclosed.

Digital Garage positions the company as a strategic subsidiary in the fintech / blockchain field, and has dispatched 2 名directors (Kaoru Hayashi, Keizo Odori). Tokyo Tanshi has also dispatched 2 名directors (Toshiaki Terada, Misaki Kato).

2. License / registration status

  • Crypto-asset exchange business: Director-General of the Kanto Local Finance Bureau 第00029号 (registration date: 2021年6月29日, under the Payment Services Act)
  • Financial instruments business: not registered (JVCEA Type 1 member #1035 is crypto-asset exchange business only, no derivatives registration)
  • Electronic-payment-instruments business / funds-transfer business: not registered (disclosed portion)
  • JVCEA: Type 1 member #1035(crypto-asset exchange business only)
  • Global Digital Finance: member (industry self-regulatory body)

3. Currencies handled

The number of handled tokens and the specific list are not individually enumerated on the official site or in public documents, and are not disclosed.

Token characteristics inferred from the service design:

  • Bitcoin (BTC) is the central asset (the R&D themes are Bitcoin / Lightning / Liquid Network, and BTC-denominated OTC / settlement is the core)
  • SETTLENET PRO provides “JPY-denominated tokens (yen-denominated) × on-chain DvP settlement,” using a JPY-denominated token (an internal settlement currency)
  • The company’s R&D includes Discreet Log Contracts (DLC) and Liquid Network sidechain assets
  • Because it is an institution-focused operator rather than a retail multi-token exchange, the number of handled tokens is presumed to be a small, select set

4. Scope of business

The company is not a retail spot exchange, but an operator specializing in digital-asset infrastructure for institutions and corporates (self-described: “regulated institutional digital assets infrastructure company”). The main service lines are as follows:

ServiceContent
SETTLENET PROAn intermediary / OTC settlement platform in the crypto-asset inter-dealer market. Provides non-custodial DvP settlement, a JPY-denominated token (issued by the company), and point-in-time net settlement
SETTLENET CUSTODYA domestic-regulation-compliant digital-asset custody service for institutional investors and corporates (launched 2023年4月). Insured segregated management, staking (added 2024年3月), and an OES (Off Exchange Settlement) function
SETTLENET OTCA crypto-asset OTC dealer for corporates and business entities (launched 2023年4月). Leverages a global LP network, premium service with email/phone support
R&DResearch and development on Bitcoin · Lightning · Liquid Network, OSS contributions to the Discreet Log Contracts (DLC) protocol, research on P2P derivatives trading
Blockchain DevContracted blockchain development for corporate clients
maholaBlockchain backend service (API), officially launched 2024年10月

Fiat-currency deposit channels: corporate only (bank transfer). There are no retail-facing channels such as convenience-store deposit or quick deposit.

5. Market share / trading volume

  • Both trading volume and account count are not disclosed
  • Customer base: specialized in institutional investors, business entities, crypto-asset exchanges, liquidity providers, high-net-worth individuals, family offices, and asset managers. Does not provide services for general retail investors
  • Market position: a niche (institution-focused infrastructure) player that does not participate in the retail trading-volume competition. Presumed to target on the order of several dozen corporate clients, but quantitative data are not disclosed

6. History / major incidents

Year/MonthItem
2018-09Established as a joint venture of Digital Garage, Inc. × Tokyo Tanshi Co., Ltd.
2019-01Obtained 第1号 certification as a blockchain / finance field under the Cabinet Office regulatory-sandbox system
2019-01Announced development of SETTLENET (a product supporting app development for blockchain financial operators)
2019-04Developed and announced a P2P protocol realizing Bitcoin-settled crypto-currency derivatives trading
2020-06Launched commercial service of the settlement platform “SETTLENET” for the OTC market
2021-02Launched the SETTLENET v2 service based on crypto-asset exchange registration (added price streaming · point-in-time net settlement)
2021-06Completed crypto-asset-exchange-operator registration (Kanto Local Finance Bureau 第00029号)
2021-10Third-party allotment of shares and business alliance with Nomura Holdings as the allottee
2022-08Paper on DLC accepted at IEEE ICBC 2022 (academic recognition)
2023-04Launched SETTLENET CUSTODY · OTC services (domestic-first, custody for institutional investors)
2023-11Agreed with Komainu (invested by the Nomura Group) on collaboration to develop crypto-asset services for institutional investors in Japan
2024-03Added staking service to SETTLENET CUSTODY
2024-10Official launch of the blockchain backend service “mahola”
2024-12Technical support for the BETA version of Nissan Motor’s “NISSAN PASSPORT”
2025-08Jointly developed and began providing, with Pacific Meta, a consulting package supporting corporate crypto-asset holdings
2025-12Paper on Custodial Wallet accepted at IEEE Blockchain 2025

Major incidents such as administrative dispositions, hacks, and system failures: not disclosed (2024年6月 “Regarding our company’s response to crypto-asset outflows at other companies” refers to another company’s case and is not an incident specific to the company itself).

  • Consistently maintains the institution-focused × Bitcoin-native course. SETTLENET PRO has established a niche position of a class unique within Japan in the crypto-asset inter-dealer market
  • Collaboration with Blockstream / Liquid Network: Blockstream is listed in the “Backed By” section of the official site. With R&D themes specialized in Bitcoin · Lightning · Liquid Network, a role as a major dissemination partner for Liquid Network sidechain technology in the Japanese market is suggested (the specific investment amount and contract details with Blockstream are not disclosed)
  • Nomura Group × Komainu collaboration (2023年11月): collaboration in the institutional-investor custody-service domain. Through the linkage with Komainu (the joint-venture custodian of Nomura Holdings (Nomura HD) × Ledger × CoinShares), it advances the development of global-level institutional infrastructure (the company’s position is detailed in Japan Institutional Custody Three-Pillar Structure — Komainu / Ginco / Fireblocks Japan Comparison and Domestic crypto-asset market maker / OTC desk industry overview)
  • Expansion of web3 development contracts: since 2024年, blockchain-development-support projects in non-crypto fields — Nissan Motor, the Society for Testing English Proficiency (Eiken), SKY Perfect JSAT, Shiwa Town in Iwate Prefecture, etc. — have increased. Diversifies the developer-facing business line via the mahola API
  • Most recent 12 months (as of 2025年5月): joint provision with Pacific Meta of crypto-asset-holding consulting (2025年8月), paper accepted at IEEE Blockchain 2025 (2025年12月). No public announcements regarding IPO or overseas expansion
  • Representative Director CEO: Masahito Okuma (大熊 将人)
  • Directors (disclosed portion):
    • Kaoru Hayashi (Digital Garage, Inc.)
    • Keizo Odori (Digital Garage, Inc.)
    • Toshiaki Terada (Tokyo Tanshi Co., Ltd.)
    • Misaki Kato (Tokyo Tanshi Co., Ltd.)
    • Toshinori Sasaki (Nomura Holdings, Inc.)
  • Auditor: Yasuyuki Rokuyata (Digital Garage, Inc.)
  • Founding background: born from a joint venture of Digital Garage (IT · FinTech investment · infrastructure business) and Tokyo Tanshi (the interbank money market). The fusion of interbank-market know-how × blockchain technology is the core of the business model.

Sources