Attitudes toward cryptocurrency 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 cryptocurrencies in the next three years.
The change reflects a growing view of cryptocurrencies as a diversification tool. Many respondents cited low correlation with traditional asset classes as a key reason for increasing exposure. However, allocations remain limited, with more than half targeting between 2% and 5% of their portfolios.
It also reflects an improvement in sentiment: 31% of respondents described their outlook on cryptocurrencies as positive, up from 25% in 2024, while negative sentiment decreased to 18%.
The findings 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 cryptocurrency exchanges following the Mt. Gox collapse in 2014. Recent efforts have focused on integrating digital assets into existing financial laws, including updates linked to the Financial Instruments and Exchanges Act.
That clarity has helped foster a national crypto ecosystem anchored by large companies like 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 industry.
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 such as Mitsubishi UFJ Financial Group have explored tokenized deposits and stablecoins.
Interest is expanding 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. That suggests investors are starting to treat cryptocurrencies less as a speculative trade and more as a broader set of financial tools.
Stablecoins are another area of focus. Sixty-three percent of respondents identified potential use cases, including treasury management, cross-border payments and foreign exchange transactions. Trust appears to be higher in stablecoins issued by major financial institutions, highlighting the importance of familiar counterparties.
Still, barriers remain. Investors pointed to challenges such as a lack of established valuation frameworks, counterparty risks such as fraud or asset loss, and regulatory uncertainty. High volatility also continues to weigh on adoption.
Still, those concerns are changing. Instead of debating whether to invest, institutions are now focusing 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 organizations.
