Nomura Holdings is preparing to launch crypto trading services for institutional clients in Japan, marking a significant step by the country’s largest brokerage into digital assets. Industry participants see such initiatives as part of a gradual integration of crypto assets into Japan’s financial system. Digital assets, seen as partly uncorrelated with traditional markets, represent both a potential growth area and a tool for risk diversification. Daiwa has been developing crypto-related services since 2018 through subsidiaries such as Fintertech, while Nomura is positioning itself to scale institutional trading. Approval would allow the firm to offer crypto trading services to Japanese financial institutions, strengthening its presence in one of the world’s largest regulated markets.