04-27-2026 
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A new study from Japanese bank Nomura (NASDAQ: NMR) found that the environment for digital assets has “changed significantly” over the past two years, with almost 80% of institutional investors surveyed saying they planned to invest in digital assets in the next three years and crypto “increasingly seen as a diversification tool.”
- Attitude toward digital assets shifted: Nomura
- Perception shift in Japan on a regulatory framework
- Nomura’s key findings highlight industry changes
On April 16, Nomura and its digital asset subsidiary, Laser Digital, announced the publication of their ‘2026 Institutional Investor Survey on Digital Asset Investment Trends,’ which found that attitudes to digital assets have shifted in favor of digital assets since the previous survey, conducted in June 2024.
Based on responses from more than 500 investment professionals, the survey found that 31% of participants now hold a positive view of digital assets, up from 25% in 2024.
Nomura attributed this positive perception shift in Japan to progress in developing a regulatory framework, including an extensive review of how the country regulates digital assets conducted by the Financial System Council (FSC)—the key consultative body that informs and guides Japan’s financial policy—from June to December 2025.
As a result of this review—and subsequent recommendations made by the Financial Services Agency (FSA), Japan’s top financial regulator, in a December 10 report—Japan’s government recently approved legislative amendments that would reclassify digital assets as financial instruments, moving them from their current position under the Payment Services Act (PSA) to be governed by the Financial Instruments and Exchange Act (FIEA), which is the regulatory framework for securities markets, issuance, trading, and disclosures.
This reclassification, if passed in the current session of the National Diet—the national legislature of Japan—would subject digital assets and service providers to stricter, securities-style regulations compared to the PSA, including exchanges being required to provide pre-sale disclosures, issuers needing to disclose their identities, and firms facing more rigorous licensing, capital, and compliance requirements.
In light of these changes, Nomura said that it undertook the survey “to better understand investment trends and attitudes toward digital assets among institutional investors in Japan, as well as the key challenges they face when considering investments in crypto assets.”
Key findings
The survey was conducted online from December 16, 2025, to January 29, 2026, with 518 investment professionals in Japan participating, including institutional investors, family offices, and public-interest organizations.
In terms of key findings, as well as a six percentage point bump in respondents describing their outlook on digital assets as positive, the percentage of respondents with a negative outlook fell to 18%, down five points from 23%, “indicating an overall improvement in sentiment toward crypto assets.”
In terms of what this improved perception potentially means for the market, another of the survey’s findings indicated that investors are now increasingly viewing digital assets as a viable and valuable diversification tool.According to Nomura, 65% of respondents said they view digital assets as a chance to diversify their portfolios, up three points from 62% in 2024. Among those considering investing in digital assets over the next three years, 79% said they have plans to invest.
“The primary reason respondents gave for investing in crypto assets was diversification,” Nomura noted. “Many also said they value the low correlation of crypto assets with other asset classes, showing growing recognition of their role in portfolio diversification.”
The increased interest in digital assets was also not limited to a specific product, but rather a wide range. The survey showed a growing interest in various digital asset segments, with more than 66% expressing interest in staking/mining, 65% in lending/collateralized loans, 63% in derivatives, and 65% tokenized assets.
Nomura suggested that this reflects a “growing demand for income-generating and asset-utilization strategies.”
Meanwhile, on the trending sub-sector of stablecoins, the survey revealed that investors were focused on their potential use cases, including for treasury management and cross-border payments.
“Sixty-three percent of respondents identified potential use cases for stablecoins,” said Nomura, adding that “across JPY, USD, and EUR, stablecoins issued by major financial institutions received the highest level of trust.”
Despite these positive signs of progress for the digital asset space in Japan, the survey also confirmed that several barriers to digital asset investment remain, notably the lack of established frameworks, counterparty risks, high volatility, and regulatory uncertainty.
At the same time, Nomura noted that: “Adoption is accelerating due to the development of a diverse range of investment products, improvements in risk management practices, regulatory reforms, and increased participation by financial and non-financial players.”
Overall, the survey results showed a stronger positive sentiment and growing interest in digital assets as an investment asset class, and a shift in investor concerns to more practical than fundamental issues.
Combined with the recent regulatory progress in Japan to bring greater clarity and certainty to the sector, it appears the country could become an increasingly popular jurisdiction for digital asset firms to set up shop and launch products.
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