A survey conducted by Nomura and its digital asset division, Laser Digital, reveals a significant shift in institutional investors’ attitudes towards cryptocurrency in Japan. The study found that nearly 80% plan to incorporate crypto into their portfolios over the next three years. This change reflects an evolving perception of cryptocurrencies as tools for diversification, with respondents highlighting their low correlation with traditional asset classes as a primary reason for interest. Despite this growing interest, most investors are keeping allocations modest, targeting between 2% and 5% of their total portfolio.
The survey also indicates a positive shift in sentiment: 31% of participants now have a favorable outlook on crypto, an increase from 25% in 2024, while negative perceptions dropped to 18%. This change aligns with Japan’s ongoing efforts to refine its regulatory framework for digital assets, positioning it as one of the more advanced among major economies. Following the Mt. Gox collapse in 2014, Japan was a pioneer in crypto regulation and continues to integrate digital assets into existing financial laws under the Financial Instruments and Exchange Act.
The improved regulatory clarity has fostered a strong domestic ecosystem, supported by major companies like SBI Holdings and bitFlyer. Traditional financial institutions are also entering this space; for instance, Nomura established Laser Digital in 2022 to delve into trading and asset management, while Mitsubishi UFJ Financial Group is investigating tokenized deposits and stablecoins.
Interest among investors has broadened beyond mere price speculation. Over 60% of respondents showed interest in income-generating strategies such as staking, lending, derivatives, and tokenized assets, indicating a shift towards viewing crypto as part of an extensive financial toolkit. Stablecoins have also garnered attention, with 63% identifying potential applications like treasury management and cross-border payments; trust is notably higher for those issued by major financial institutions.
Despite these advances, challenges persist, including the absence of established valuation frameworks, counterparty risks such as fraud or asset loss, regulatory uncertainty, and high volatility. However, investor focus has shifted from questioning whether to invest in crypto to strategizing how best to do so.
The survey took place over December and January, collecting insights from 518 investment professionals, including institutional investors, family offices, and public-interest organizations.