The market shift aims to integrate cryptocurrencies into mainstream finance and attract institutional capital.
Japan’s major securities firms are accelerating efforts to enter the country’s digital asset market, preparing comprehensive strategies for a sector poised at a regulatory crossroads. At the heart of this transformation is the Financial Services Agency’s (FSA) proposal to reclassify Bitcoin — removing its payment status and formally recognizing it as an investment product, a move which could reshape Japan’s financial landscape for years to come.
Top Three Brokerage Giants Target Cryptocurrency Platforms
Japan’s three largest securities houses, with a combined market capitalization of approximately $48 billion, are laying the groundwork to launch domestic cryptocurrency exchanges. Nomura, one of the nation’s leading investment banks, is driving this initiative through its Swiss crypto subsidiary, aiming to introduce a crypto platform in Japan before the end of 2026. Leveraging its substantial asset base, Nomura expects its upcoming exchange to tap into significant institutional demand once operational.
ContentsTop Three Brokerage Giants Target Cryptocurrency Platforms2026 Marked as the “Digital Year” With Sweeping ReformsInstitutional Expansion and ETF Prospects
Meanwhile, Daiwa Securities, the second-largest player, is deep into strategic planning to determine whether — and how — it will branch into the crypto exchange segment. While Daiwa hasn’t confirmed a launch date, internal preparations are already underway, signaling the company’s intent to build a future presence in digital assets.
The third major brokerage, SMBC Nikko Securities, is also evaluating the feasibility of establishing a cryptocurrency exchange. Notably, SMBC Nikko has set up a dedicated decentralized finance (DeFi) department focusing on blockchain-driven financial products. Combined, these developments highlight how Japan’s traditional financial institutions are shifting from speculative forays toward deliberate, regulated integration of digital assets.
2026 Marked as the “Digital Year” With Sweeping Reforms
In a recent statement, the Japanese Finance Minister branded 2026 as the nation’s “Digital Year,” unveiling an ambitious vision where digital assets play a mainstream role across capital markets. The Financial Services Agency is drafting a new regulatory framework under the Financial Instruments and Exchange Act, slated for 2026. This initiative will see Bitcoin and other high-cap digital assets officially classified as investment products, paving the way for broader institutional participation in the market.
Regulators are also targeting the introduction of spot cryptocurrency ETFs by 2028 through amendments to the Investment Funds Act. Market leaders such as Nomura Asset Management and SBI have already begun developing products in anticipation of the regulatory shift. Tax reforms are in the pipeline as well: under the new plan, crypto gains would face a maximum tax rate of 20% — down from the current 55% — aligning digital asset taxes with those of equities. The government aims to make crypto markets more attractive to both individual and institutional players with these adjustments.
Institutional Expansion and ETF Prospects
Industry experts predict that Japan’s crypto ETF market could reach a value of about 1 trillion yen — or $6.7 billion — within the medium term. Although this would still be smaller than the portfolio value of Bitcoin spot ETFs in the United States, the real significance lies in encouraging institutional capital to enter the space, giving digital assets a stronger foothold in mainstream finance.
For Japan’s largest brokerages, their digital asset strategies center on developing regulated investment vehicles, institutional treasury management, and robust custodial solutions. This approach is expected to foster a digital asset landscape marked by compliance, risk management, and integration with the country’s established capital market infrastructure.
Should the proposed reforms be enacted, Japan will transition from a restrictive digital asset regime to one supporting stable, regulated investment. As a result, the Japanese crypto market is projected to move away from pure speculation, evolving into an ecosystem embedded within the standards of traditional capital markets.
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