In a strategic move signaling deeper institutional convergence, Laser Digital, the cryptocurrency trading firm backed by Japanese financial giant Nomura Holdings, is actively pursuing a U.S. banking license. This development, first reported in January 2025, follows closely on the heels of similar ambitions from London-based neobank Revolut, highlighting a significant trend of digital asset firms seeking formal banking charters to solidify their operational foundations and expand service offerings in the world’s largest financial market.
Laser Digital’s Strategic Pursuit of a US Banking License
Laser Digital, established in 2022 as Nomura’s dedicated digital assets subsidiary, is now navigating the complex regulatory pathway toward obtaining a banking license from U.S. authorities, potentially including the Office of the Comptroller of the Currency (OCC) or state regulators. This initiative represents a calculated evolution from its origins as a crypto market maker and asset manager. Consequently, securing a charter would fundamentally transform its business model, granting it access to a federal payments system and allowing it to hold customer deposits directly. Moreover, this move provides a clearer regulatory framework for its activities, a critical advantage in an industry often navigating legal gray areas.
The firm’s pursuit aligns with a broader institutional shift. For instance, traditional finance entities are increasingly building bridges to the digital asset ecosystem rather than operating from its periphery. A banking license would empower Laser Digital to offer integrated services, such as custody, lending, and structured products, under a unified, regulated umbrella. Therefore, this strategy reduces counterparty risk for clients and enhances operational efficiency. The parent company, Nomura, brings over a century of banking expertise to this endeavor, significantly bolstering the application’s credibility with regulators who prioritize proven risk management frameworks.
The Regulatory Landscape and the Revolut Parallel
Laser Digital’s reported application enters a regulatory environment that is gradually, albeit cautiously, defining the rules for digital asset banking. The OCC has previously granted conditional banking charters to crypto-native firms, setting important precedents. Simultaneously, Revolut’s separate quest for a U.S. banking license underscores a parallel trend among fintech giants seeking to deepen their roots. Both cases involve non-traditional entities aiming to secure the prestige, stability, and operational scope that a full banking charter confers.
The following table contrasts the two prominent entities seeking U.S. banking charters:
| Entity | Primary Backing / Origin | Core Business Focus | License Strategic Aim |
|---|---|---|---|
| Laser Digital | Nomura Holdings (Japan) | Institutional Crypto Trading & Asset Management | Bridge crypto and traditional finance for institutional clients |
| Revolut | Global Fintech (UK) | Consumer Neobanking & Payments | Expand full-service banking for retail customers in the US |
Despite their different customer bases, both initiatives face similar regulatory scrutiny. Key considerations for regulators include:
- Capital Requirements: Demonstrating sufficient capital to absorb potential losses from volatile digital asset holdings.
- Compliance Programs: Implementing robust Anti-Money Laundering (AML) and Know Your Customer (KYC) systems tailored to crypto transactions.
- Custody Safeguards: Ensuring unparalleled security for safeguarding digital asset private keys and customer funds.
- Consumer Protection: Establishing clear protocols for disclosures, dispute resolution, and asset recovery.
Expert Analysis on Market Impact and Precedent
Financial regulatory experts point to the profound implications of a major traditional bank subsidiary like Laser Digital obtaining a charter. “This isn’t a crypto startup asking for permission,” notes a former OCC official speaking on background. “This is a globally systemically important bank’s subsidiary navigating the existing rules. A successful application would create a powerful template, effectively demonstrating how established financial governance can be applied to digital asset businesses.” This pathway could encourage other large financial institutions with crypto divisions to follow suit, potentially leading to a new class of regulated digital asset banks.
The timeline for such applications is measured in quarters, not months. The process involves exhaustive due diligence, multiple submission rounds, and constant dialogue with regulators. For the market, approval would signal a maturation phase. It would provide institutional investors with a more familiar and trusted counterparty for complex crypto transactions, likely increasing capital inflow. Furthermore, it could set higher industry standards for security, compliance, and transparency, benefiting the entire ecosystem.
Broader Context: The Institutionalization of Crypto Finance
Laser Digital’s move is a single data point in a larger trend of institutionalization. Over the past three years, several critical developments have paved the way. Firstly, the launch of Bitcoin exchange-traded funds (ETFs) in the U.S. created a regulated on-ramp for traditional investors. Secondly, major custody providers have developed bank-grade security solutions. Thirdly, clearer accounting standards have emerged for corporate holdings of digital assets. A banking charter represents the next logical step: creating entities that can perform the full suite of financial intermediation functions—lending, borrowing, market-making, and custody—specifically for digital assets within a regulated perimeter.
This evolution addresses one of the sector’s longest-standing criticisms: the lack of strong, unified regulation. By voluntarily entering a stringent regulatory regime, firms like Laser Digital aim to build unparalleled trust. They also gain a competitive moat, as the cost and complexity of obtaining a license serve as a significant barrier to entry. For clients, particularly large hedge funds, family offices, and corporations, this means access to more sophisticated financial products, like repo agreements, derivatives, and yield-generating services, all backed by the capital and oversight of a regulated bank.
Conclusion
The pursuit of a U.S. banking license by Nomura-backed Laser Digital marks a pivotal moment in the integration of cryptocurrency and traditional finance. This strategic initiative, mirrored by firms like Revolut, reflects a mature industry seeking legitimacy, stability, and expanded capabilities under formal regulatory oversight. Success would not only transform Laser Digital’s operational landscape but also establish a crucial precedent for how global financial institutions can responsibly engage with digital assets. Ultimately, the outcome of this application will be a key indicator of regulatory acceptance and a potential catalyst for the next wave of institutional adoption in the cryptocurrency market.
FAQs
Q1: What is Laser Digital and who owns it?
Laser Digital is a digital asset subsidiary focused on cryptocurrency trading, investing, and asset management. Nomura Holdings, one of Japan’s largest and oldest investment banks, fully owns and backs the firm.
Q2: Why would a crypto firm want a traditional banking license?
A banking license allows a firm to hold customer deposits, access federal payment systems directly, and offer a wider range of financial services like lending under a clear regulatory framework. This builds greater trust with institutional clients and improves operational efficiency.
Q3: Which U.S. regulator grants banking licenses?
The primary federal regulator is the Office of the Comptroller of the Currency (OCC), which grants national bank charters. Firms can also apply for state-level banking licenses from individual state regulatory departments.
Q4: How does Revolut’s application differ from Laser Digital’s?
While both seek banking charters, their core business models differ. Revolut is primarily a consumer-focused neobank seeking to offer full retail banking in the U.S. Laser Digital is an institutionally-focused crypto trading firm aiming to provide sophisticated banking services to professional investors and corporations.
Q5: What are the main hurdles in getting a crypto banking license approved?
Key challenges include meeting stringent capital requirements, proving robust anti-money laundering (AML) controls tailored for crypto, demonstrating secure custody solutions for digital assets, and satisfying regulators that the business model poses no undue risk to the financial system.
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