According to a new survey conducted by Tokyo-based bank Nomura and its crypto division Laser Digital, institutional investors are becoming increasingly receptive to digital assets, driven by enhanced sentiment and the emergence of new use cases. The survey, which gathered responses from over 500 investment professionals in Japan, indicates that 31% of respondents now hold a positive outlook on crypto for the next year, up from 25% in 2024.
Meanwhile, the decline in negative sentiment suggests a gradual shift in perception as the asset class continues to mature. A key finding is that 65% of respondents view crypto as a vital portfolio diversifier, with 79% of those considering investment planning to do so within the next three years. Most institutions anticipate modest allocations, typically between 2% and 5%, indicating that they are still in the early stages of adoption. This shift is supported by a changing regulatory landscape, with policymakers in Japan refining crypto frameworks over the past year, including discussions around classification, taxation, and investor protections.
Globally, clearer regulations in major markets, along with the approval and expansion of crypto investment products such as exchange-traded funds (ETFs) and tokenized assets, have reduced some of the uncertainty that previously deterred institutions. As a result, interest in crypto is expanding beyond simple price exposure, with over 60% of respondents expressing interest in staking, lending, derivatives, and tokenized assets, reflecting a growing demand for yield-generating strategies and more sophisticated portfolio construction.
Stablecoins are also gaining traction, with 63% of respondents identifying potential use cases ranging from treasury management to cross-border payments and investment in tokenized securities. Despite the progress, barriers to adoption remain, including concerns around volatility, counterparty risk, and the lack of established valuation frameworks. Regulatory uncertainty, although improving, has not been completely eliminated.
Nevertheless, the survey suggests that the conversation is shifting, with institutions now focused on how to invest in crypto, rather than debating whether to do so, indicating that digital assets are moving closer to becoming a standard component of institutional portfolios.