Three major Japanese securities firms—Nomura Holdings, Daiwa Securities Group, and SMBC Nikko Securities—are preparing to enter the crypto exchange market, targeting corporate clients and anticipating growing cryptocurrency investment demand. Nomura plans to launch crypto trading via its Swiss subsidiary by the end of 2026 and is seeking a Japanese license. Regulatory reforms in Japan, including reclassifying Bitcoin as an investment asset, are encouraging traditional financial institutions to accelerate their crypto market participation.