Leading Japanese wealth managers sets up crypto unit

Nomura Holdings, one of the biggest wealth managers in Japan, is setting up a new digital asset unit, which will include cryptocurrencies and NFTs, CoinJournal learned from a press release originally posted on their website.

Capitalizing on increasing adoption of digital assets

Nomura is reorganizing its Future Innovation Company into a newly founded Digital Company in the immediate future. Its main goal is to increase adoption of digital assets and offer relevant services to clients.

NFTs, cryptocurrencies, security tokens, and other digital assets are gaining presence as a new asset class. New types of services are emerging from the fusion of distributed ledger technology and traditional finance.

Kentaro Okuda, Nomura President and Group CEO said:

This is an important next step in our digital evolution. Digital technology is a critical part of our strategic drive to expand our operations in private markets. The new Digital Company will lead deeper collaboration among internal and external stakeholders, accelerate our uptake of digital technologies, and enhance our client services.

Nomura is hopping on crypto bandwagon

The company has about 74 trillion yen of assets under management, equivalent to $641 billion. They intend to promote digital adoption by their subsidiaries. Their announcement follows Rakuten’s recent launch of an NFT marketplace.

Data of Bloomberg indicate Japan’s crypto industry is worth about $1 trillion. The biggest bank in the country, MUFG, launched a stablecoin platform early last month.

Draconian regulations, but there’s hope for Japan

The land of the rising sun grapples with some of the world’s strictest crypto regulations. Crypto exchanges face great challenges in obtaining a license although the government recognizes digital assets.

Corporations have been adopting crypto consistently since last year. Tesla accepts Dogecoin at its supercharger stations and sells some merchandise for DOGE. eBay has released a statement saying it might begin to accept crypto payments as soon as next week. It permits NFT trading.

Ukraine adopted crypto

After the Russian invasion, Ukraine adopted crypto to receive donations, becoming the first country in history to do so. As the national bank closed electronic cash transfers, Ukrainians piled into stablecoin Tether.