Attitudes toward crypto investing in Japan are shifting from cautious interest to active portfolio planning, according to a survey by Nomura and its digital assets arm, Laser Digital, with nearly 80% of the country’s institutional investors saying they plan to add crypto in the next three years.
This shift reflects a growing view of crypto as a tool for diversification. Many respondents cited low correlation with traditional asset classes as one of the main reasons for increasing exposure. Allocations remain small, however, with more than half targeting between 2% and 5% of their portfolios.
This also reflects an improvement in sentiment: 31% of respondents described their outlook on crypto as positive, up from 25% in 2024, while negative sentiment fell to 18%.
These results come as Japan refines one of the most established regulatory frameworks for digital assets among major economies. The country was one of the first to regulate crypto exchanges after the Mount Gox collapse in 2014. Recent efforts have focused on integrating digital assets into existing financial laws, including updates related to the Financial Instruments and Foreign Exchange Act.
This clarity has helped foster a domestic crypto ecosystem anchored by major companies such as SBI Holdings, the financial conglomerate that operates one of Japan’s largest crypto businesses, and bitFlyer, a long-standing exchange. Traditional financial institutions have also entered the sector.
Nomura, one of the world’s largest financial services companies, founded Laser Digital in 2022 to expand into trading, asset management and venture investing, while companies like Mitsubishi UFJ Financial Group have explored tokenized deposits and stablecoins.
Interest goes beyond simple price exposure. More than 60% of respondents expressed interest in income-generating strategies such as staking and lending, as well as derivatives and tokenized assets. This suggests that investors are starting to treat crypto less as a speculative trade and more as a broader financial toolkit.
Stablecoins are another area of interest. Sixty-three percent of respondents identified potential use cases including cash management, cross-border payments and foreign exchange transactions. Trust appears to be highest for stablecoins issued by large financial institutions, highlighting the importance of familiar counterparties.
However, barriers remain. Investors highlighted challenges such as the lack of established valuation frameworks, counterparty risks such as fraud or loss of assets and regulatory uncertainty. High volatility also continues to weigh on adoption.
Despite this, these concerns are evolving. Rather than debating whether to invest, institutions are now focusing on how to do so.
The survey was conducted in December and January and collected responses from 518 investment professionals, including institutional investors, family offices and public interest organizations.
