Nomura survey shows rising institutional crypto adoption driven by regulation and diversification

Institutional investors are warming to digital assets, with improving sentiment and broader use cases emerging as key drivers of adoption, according to a new survey from Tokyo-based bank Nomura and its crypto unit Laser Digital.

The study, based on responses from more than 500 investment professionals in Japan, found that 31% of respondents now hold a positive outlook on crypto over the next year, up from 25% in 2024. Meanwhile, negative sentiment has declined, pointing to a gradual shift in perception as the asset class matures.

A central theme is diversification. Some 65% of respondents said they view crypto as a portfolio diversifier, while 79% of those considering exposure plan to invest within three years. Most expect relatively modest allocations — typically between 2% and 5% — suggesting institutions are still in the early stages of adoption.

That shift is being supported by a changing regulatory and policy backdrop. In Japan, policymakers have spent the past year refining crypto frameworks, including discussions around classification, taxation and investor protections. Globally, clearer rules in major markets — alongside 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 kept institutions on the sidelines.

As a result, interest is expanding beyond simple price exposure. More than 60% of respondents expressed interest in staking, lending, derivatives and tokenized assets, reflecting 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.

Still, barriers remain. Concerns around volatility, counterparty risk and the lack of established valuation frameworks continue to weigh on adoption. Regulatory uncertainty, while improving, has not fully disappeared.

Even so, the survey suggests the conversation is shifting. Rather than debating whether to invest in crypto, institutions are increasingly focused on how to do so — a sign that digital assets are moving closer to becoming a standard component of institutional portfolios.