New licences issued for the Japanese encryption market and registration of Nomura Holdings Company

In Japan, nearly four years later, a new encrypted asset exchanger, Laser Digital Japan, under the flag of Nomura Holdings, completed registration on August 21. The company did not initially target the bulk market, but rather planned to provide liquidity to indigenous Japanese licensed encryption service providers and then to institutional investors. According to the article, this reflects a shift in Japan ' s encrypted market from single-exchange competition to a division of labour closer to traditional finance, with different agencies taking responsibility for customer entry, liquidity, transaction execution, hosting, asset management, currency stabilization and clearing networks. As Japan promotes the regulation of encrypted asset transactions towards the framework of the Financial Commodity Exchange Act, and tax reforms reduce the gap between the tax burden of encrypted assets and stocks, the licensing, capital, customer network and risk management capabilities of traditional financial institutions will become more important in the next phase of competition。