Attitudes toward crypto investing in Japan are shifting from cautious interest to active portfolio planning, according to a survey by Nomura and its digital asset arm, Laser Digital, with nearly 80% of the country’s institutional investors saying they plan to add crypto in the next three years.
The shift reflects a growing view of crypto as a diversification tool. Many respondents cited low correlation with traditional asset classes as a key reason for adding exposure. However, allocations remain restrained, with more than half targeting between 2% and 5% of their portfolios.
It also reflects improved sentiment: 31% percent of respondents described their outlook for crypto as positive, compared to 25% in 2024, while negative sentiment fell to 18%.
The results come as Japan refines one of the more established regulatory frameworks for digital assets among major economies. The country was early on to regulate crypto exchanges after Mt. Gox collapse in 2014. Recent efforts have focused on integrating digital assets into existing financial laws, including updates related to the Financial Instruments and Exchange Act.
That clarity has helped foster a domestic crypto ecosystem anchored by major companies like SBI Holdings, the financial conglomerate that runs one of Japan’s largest crypto companies, and bitFlyer, a long-standing exchange. Traditional financial institutions have also entered the industry.
Nomura, one of the world’s largest financial services companies, founded Laser Digital in 2022 to expand into trading, wealth management and venture investing, while firms such as Mitsubishi UFJ Financial Group have explored tokenized deposits and stablecoins.
The interest extends beyond simple price exposure. More than 60% of respondents expressed interest in income-generating strategies such as betting and lending, as well as derivatives and tokenized assets. This suggests that investors are beginning to treat crypto less as a speculative trade and more as a broader financial tool.
Stablecoins are another area of focus. 63 percent of respondents identified potential use cases including financial management, cross-border payments and currency transactions. Trust appears to be greatest for stablecoins issued by large financial institutions, underscoring the importance of well-known counterparties.
Yet barriers remain. Investors pointed to challenges including 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.
Yet these concerns are shifting. Instead of debating whether to invest, institutions are now focused on how to do it.
The survey was conducted in December and January and collected responses from 518 investment professionals, including institutional investors, family offices and public interest organisations.
