According to enquiry by Messari, the top iii online brokerage firms in Japan are experiencing surging acquirement from their cryptocurrency exchange services.

In its Asian Crypto Landscape report, Messari noted the operating revenue and internet worth of exchange platforms operated by Nihon'southward top securities brokers is quickly catching up to that of their crypto-native rivals.

Comparing of cyberspace worth and operating revenue between exchanges operated past crypto-native firms versus online securities brokers in Japan, August 2020: Messari

Messari researcher Mira Christanto tweeted that Nippon's three-largest brokers by customer deposits — SBI, Rakuten, and Monex — all operate crypto exchange platforms.

Christanto likewise noted that many large nugget managers are lobbying Japanese lawmakers to let them to offering expanded cryptocurrency services and products, such as custody solutions and exchange-traded funds.

"Big asset management funds are lobbying the regime to allow custody and ETFs. If they get the greenish light, the banks are already waiting by the sidelines to get in on the action."

The written report praises Japan's pinnacle financial regulator, the Fiscal Services Agency, or FSA, for supporting inclusive crypto regulations for many years, establishing the island nation as a regional hub for the digital asset industry.

Messari identified 26 licenses issued for digital currency exchanges that have been issued since being regulated in April 2017. BitFlyer is currently the largest Japanese substitution with over $1 billion in assets in custody and a internet worth of $146 million, as of August 2020 co-ordinate to the inquiry.

Additionally, Nippon's institutional-grade Liquid exchange was listed in the meridian ten list of crypto unicorns by the terminate of 2019 — boasting a valuation exceeding $ane billion dollars.

The report also identifies a large number of high-profile mergers and investments as having taken place within Nihon's crypto industry.

In Apr 2018, major substitution Coincheck was acquired past online brokerage firm Monex Grouping. In October 2019, Financial Products Group, a publicly listed financial services provider, invested in Huobi Nippon.