Japan’s Nomura Tightens Controls at Laser Digital After Crypto Losses Weigh on Profits

Nomura has moved to reinforce oversight at its digital-asset arm after a bout of blockchain-market turmoil dented quarterly earnings, signaling a deliberate shift toward more conservative position management. Management said tighter risk controls and stricter position limits at Laser Digital are intended to reduce the earnings volatility that followed a severe October deleveraging event that erased a large volume of leveraged bets across the industry. That deleveraging — which industry trackers estimate removed more than $19 billion of leveraged positions — amplified market swings and contributed to bitcoin falling roughly 31% from its October peak into year-end, while the overall crypto market capitalization contracted by about $1.3 trillion in the same interval. For Nomura the immediate consequence was weaker quarterly net income and a 9.7% decline in fiscal third-quarter profit, prompting a pullback in risk tolerance for trading and market-making activities tied to digital assets. At the same time, Laser Digital has submitted an application to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, seeking a federally supervised vehicle to offer custody and institutional trading services across state lines. A national trust charter, if granted, can make it easier to scale custody and spot trading for institutional clients, but the OCC’s practice of issuing conditional approvals means applicants typically must satisfy capital, governance, anti-money‑laundering and compliance milestones before receiving a final charter. That staged regulatory path could lengthen the timeline for expanded U.S. operations and will subject Laser Digital to intensified supervisory engagement, even as it may reduce state-by-state licensing complexity and enhance market credibility. The dual approach — tougher internal trading guardrails alongside a push for regulated footing in the U.S. — reflects a strategic pivot: limit episodic principal risk while preserving access to fee pools tied to custody and settlement services. Nomura’s steps are likely to lower revenue volatility from crypto-related market moves but may also cap near-term upside from trading and client flow fees. Competitors that remain more aggressively positioned could capture some market share in the short run, but they also bear the risk of material losses in sudden unwind events. Observers will watch whether tighter risk parameters and a successful charter bid produce steadier, bank-like revenue without unduly constraining growth in the digital-asset franchise.