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Laser Digital Japan — Japanese crypto-asset exchange operator overview

Confidence: Likely Updated 2026-05-18 Review by 2026-09-22 Sources 7 Machine-translated Original (JA)
#fintech#jp-crypto-exchange#vasp#jvcea-type2#nomura#institutional
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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.

JVCEA Type II member #2037 · Representative Director: Hideaki Kudo · Parent company: Laser Digital Holdings AG (a subsidiary of Nomura Holdings 100%)

1. Corporate / shareholders

  • Trade name: Laser Digital Japan (same in English)
  • Established: 2023 年 (no detailed fiscal-year disclosure)
  • Head office location: Toyosu Bayside Cross Tower, 2-2-1 Toyosu, Koto-ku, Tokyo
  • Direct parent company: Laser Digital Holdings AG (registered in Zurich, Switzerland, company number CHE-439.243.745)
  • Ultimate parent company: Nomura Holdings, Inc. (TSE Prime: 8604). Nomura HD established Laser Digital Holdings AG in 2022-09 and brought the group under its umbrella.
  • Capital ratio: Nomura HD holds 100% of Laser Digital Holdings AG (disclosed). The specific shareholding ratio of the Japanese entity is not disclosed.

2. License / registration status

  • JVCEA Type II member: member number #2037 (does not hold exchange-format crypto-asset exchange registration)
  • Crypto-asset exchange business (FSA registration): As of 2025-10 , at the stage of preliminary consultation with the FSA (Bloomberg reporting). As of 2026-05-18, there is no exchange-business registration number listed in the JVCEA member list. Confirming the FSA registration status requires direct verification of the original XLSX table.
  • Financial instruments business: Its presence or absence cannot be confirmed from public materials (“not disclosed”).
  • Licenses at other group locations: Laser Digital Middle East FZE (Dubai VARA VL/23/06/001), Laser Digital UK Ltd (FCA FRN 1000108), ADGM Financial Services Permission (obtained 2026 ).

3. Handled currencies

  • Because its business is centered on institutional-investor-oriented OTC / market making, the list of handled tokens for general retail accounts is not disclosed.
  • At the group level, it provides trading / fund products targeting major tokens such as BTC / ETH.
  • The Japanese entity’s role is currently mainly “providing operational services to the group,” and it does not conduct direct retail trading.

4. Scope of operations

  • Trading (OTC / market making): As the Laser Digital group, it provides OTC trading, token market making, and liquidity provision. It provides two-way price streams for institutions via API and GUI.
  • Asset management: It renewed the Bitcoin Adoption Fund (launched 2023 年) as the Bitcoin Diversified Yield Fund SP (BDYF, upgraded 2026-01 ). Cayman-domiciled, limited to institutional investors / qualified investors.
  • Solutions (cross-asset / treasury management): A finance solution fusing TradFi × crypto assets.
  • Early-stage investment: Direct investment in / incubation of digital-asset-ecosystem companies (the KAIO tokenization platform, etc.).
  • Positioning of the Japanese entity (LDJ): A function providing operational services to the group. It plans to develop broker-dealer operations for domestic financial institutions / crypto-asset trading operators (Bloomberg 2025-10 reporting).

5. Market share / trading volume

  • Both trading volume and the number of accounts are undisclosed (because it specializes in institutions).
  • Customer base: Specialized in institutional investors / qualified certified investors. Trading services for general individuals in Japan are not offered at this time.
  • Position among competitors: A digital-asset specialist for institutions (a crypto-asset entity of Nomura HD alongside Crypto Garage). Not subject to retail-trading-volume rankings.

6. History / major events

PeriodContent
2022-09Nomura HD established Laser Digital Holdings AG in Switzerland.
2023The Japanese entity (Laser Digital Japan) was established.
2023Obtained a VARA license in Dubai (group).
2023Launched the Bitcoin Adoption Fund (group).
2025-10Bloomberg reported that “it is in preliminary consultation with the FSA aiming for FSA crypto-asset exchange registration at the Japanese entity.”
2026-01-22Launched the Bitcoin Diversified Yield Fund SP (BDYF) (an upgrade from the Adoption Fund).
2026-01-27Announced a de novo application to the OCC toward establishing a National Trust Bank (LDNTB) in the United States.
2026-01-30In Nomura HD’s FY 3 Q earnings, it recorded a loss in Laser Digital’s digital-asset-related business. It explained that the “medium-to-long-term nurturing” policy would be firmly maintained.
2026-02-27LDJ announced its participation in a crypto-asset AML demonstration experiment led by Hitachi and supported by the FSA FinTech PoC Hub (participating in 16 社, 2026-03–05).
2026-04-16Nomura HD × Laser Digital jointly published the “2026 Institutional Investor Digital-Asset Investment Trends Survey.”
2026-05-14Announced a strategic integration with Quadra (an integrated trading ecosystem for institutions).
As of 2026Registered as JVCEA Type II member #2037 .

7. Strategic developments

  • The core of Nomura Holdings (Nomura HD) digital-asset strategy: Unlike Crypto Garage (of the Nomura × MUFG × SBI JV line), Laser Digital is a global digital-asset-specialist subsidiary that Nomura HD established and holds 100% directly. As a whole group, it is advancing the construction of an institution-oriented ecosystem of trading, AM, and custody.
  • Division of roles with Komainu: Komainu (established 2018 年, a JV of Nomura × CoinShares × Ledger) is in charge of custody infrastructure. Laser Digital is in charge of trading and asset management. Laser Digital’s Steve Ashley and Jez Mohideen (CEO) participate on the Komainu Board, indicating a close cooperative structure between the two companies.
  • BDYF (natively tokenized BTC yield fund): The flagship product of 2025-2026 年. Positioned as the first natively tokenized BTC yield fund domiciled in the Cayman Islands.
  • US national-trust-bank application (2026-01): Through a de novo application to the OCC, a stepping stone toward custody / spot trading in the United States.
  • Functional evolution of the Japanese entity: It appears to be transitioning from “in preliminary consultation aiming for FSA registration” as of 2025-10 , through JVCEA Type 2 membership, into a full-fledged phase of domestic-business expansion. Continued attention is needed to the disclosure status of the domestic FSA registration number.
  • AML × regulatory cooperation: The 2026-02 participation in the FSA FinTech PoC Hub is a move that clarified a path of coordination with regulatory authorities.
  • Hideaki Kudo (工藤英明): Representative Director of Laser Digital Japan. His name was disclosed in the comment announcing the 2026-02 AML PoC.
  • Jez Mohideen: CEO of Laser Digital (group). Also participates on the Komainu Board.
  • Steve Ashley: Laser Digital Board Member. Also participates on the Komainu Board.
  • Nomura Holdings CFO Hiroyuki Moriuchi (森内博之): In the 2026-01-30 earnings Q&A, explained Laser Digital’s loss / risk-management policy.

Sources