Japanese institutional investors are warming to crypto as a portfolio diversification instrument, according to a survey of 518 investment professionals conducted by Nomura and its digital asset subsidiary Laser Digital.

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The numbers point in one direction. Sixty-five percent of respondents now view crypto as a diversification opportunity, up from 62% in 2024. Seventy-nine percent of those considering crypto plan to invest within the next three years. Institutions reporting a positive outlook on digital assets rose to 31%, while those with a negative view fell to 18%.

The shift is partly regulatory. Japan has spent several years building out a clearer…