Is The Crypto Bottom In? Nomura Survey Finds 79% of Japan Institutions Have Crypto Allocation Plans for 2026
Japan’s institutional stance on crypto is evolving. After a series of late-2025 regulatory discussions by the Financial System Council’s Working Group, a new survey from Nomura and Laser Digital shows institutions are moving from caution to planning.
While familiar hurdles to crypto adoption exist, they provide a clear roadmap for progress. Rising intent and deliberate conviction show that market players are approaching these opportunities with thoughtful and growing enthusiasm.
Japanese Institutions Have Largely Made Up Their Minds on Crypto
The Nomura and Laser Digital survey reveals a measurable change in sentiment. Positive outlook on crypto assets rose to 31%, up from 25% in the previous survey, while negative sentiment fell to 18%, down from 23%. Adoption is accelerating, fueled by diversified product offerings, enhanced risk management, and regulatory reforms.
Despite persistent hurdles like volatility, counterparty risk, and a lack of fundamental analysis frameworks, institutional behavior is shifting. Rather than waiting for external shifts, firms are integrating these friction points into their allocation strategies, signaling a move from passive observation to structured participation.
79% of Institutions Eyeing Crypto Already Have Investment Plans
Among institutions considering crypto exposure over the next three years, 79% reported having plans to invest. Most allocations are expected to remain limited, with around 60% of those planning exposure targeting between 2% and 5% of their portfolios. This aligns with how institutions currently frame crypto.
65% of respondents described it as a diversification tool, often citing low correlation with traditional assets. In practice, that perception keeps crypto in a satellite role rather than a core allocation.
Staking, Tokenized Assets, and Lending Lead the Product Wishlist
Institutional interest also extends beyond simple exposure to token prices. More than 60% of respondents expressed interest across several product categories. Staking and mining led at 66%, followed closely by lending and collateralized loans at 65%. Tokenized assets reached the same level, with derivatives slightly lower at 63%.
Taken together, these preferences point toward strategies that can generate income or expand how assets are used. The survey reflects interest across the board, though active deployment remains limited. Many of these strategies still rely on infrastructure and risk frameworks that are currently maturing.
Tokenized assets are a good example of this gap. They connect directly to traditional financial use cases, which explains the level of interest. Current early-stage implementations are proving the concept and paving the way for widespread use.
Stablecoins Are Finding Real Jobs in Institutional Portfolios
Stablecoins are recognized as one of the more practical areas of focus. 63% of respondents identified use cases, including treasury management, cross-border payments, and investment in tokenized securities. These use cases point to where institutions see immediate utility, even if large-scale usage is still developing.
Trust distribution follows the same pattern. Respondents expressed a clear preference for stablecoins that major financial institutions issue across JPY, USD, and EUR.
For now, the survey describes a phase of preparation. Institutions are outlining how crypto could fit into portfolios, laying the groundwork for upcoming opportunities and broader participation.
