Laser Digital Wins First Crypto Exchange Approval in Japan Since 2022

Laser Digital, a subsidiary of Nomura Group, has become the first cryptocurrency exchange to receive approval from Japan's Financial Services Agency in four years. The company received authorization under the Payment Services Act (PSA) and is now allowed to operate as a crypto asset exchange service provider.

The last platform to receive FSA approval was Binance Japan in October 2022. This development marks a significant milestone for Japan's cryptocurrency market, which has been entering a 'new phase of maturity' according to Jez Mohideen, co-founder and CEO of Laser Digital.

Japan's parliament passed revisions in July that classify crypto assets as financial assets under the Financial Instruments and Exchange Act (FIEA). This move will regulate crypto transactions differently than they currently are treated primarily as payment instruments. The revisions also introduce insider trading rules and stronger oversight for crypto businesses.