Cryptocurrency and Blockchain

Laser Digital Japan, the digital asset arm of Nomura Holdings, received registration from Japan's Financial Services Agency on August 21, 2026, to operate as a crypto asset exchange service provider—the first new entrant approved in four years. The approval ends a regulatory drought that began after Binance Japan cleared in October 2022, a gap the FSA maintained through strict capital, security, and operational standards designed to prevent exchange failures like Mt. Gox. Laser Digital will initially supply wholesale liquidity to Japan's existing licensed crypto providers, allowing them to execute large institutional and retail orders without moving the market. The firm plans to expand into direct institutional digital asset trading at an unspecified later date. The registration carries concrete operational requirements for managing user-deposited crypto assets. Nomura created Laser Digital in 2022 and has since built asset management, trading, and venture investment arms around it; the subsidiary operates a full crypto business license in Dubai. A 2026 survey by Nomura and Laser Digital found that 79% of Japanese institutional investor respondents planned to invest in crypto assets within three years. The approval signals a deliberate shift in Japan's market structure: rather than crypto-native exchanges, the FSA is now clearing major securities firms backed by established financial institutions, removing counterparty risk concerns that have deterred institutional allocation.

Bitcoin jumped 23% to nearly $79,000 this week after the U.S. Treasury announced it would at least double its long-dated bond buybacks, from $2 billion to $4 billion per operation, running September 9 through November 4. The Treasury is not printing new money—it is selling short-term debt to buy back older, less-liquid 10- to 30-year bonds, a move analysts likened to Operation Twist 2.0. The announcement sent long-dated yields lower by as much as 10 basis points, the 10-year yield fell sharply, and the dollar weakened, all conditions that reduce the opportunity cost of holding a non-yielding asset like Bitcoin. Standard Chartered analyst Geoff Kendrick said Bitcoin could reach $100,000 by year-end if it holds above the technical level of $65,500, which it has now cleared. The move triggered a short squeeze: roughly $1.4 billion in crypto short positions were liquidated in four hours, with significantly less of that in Bitcoin alone, amplifying the rally. Ether surged significantly to above $2,400 in the same period, posting a 20% weekly gain. The Treasury's buyback program is designed to smooth liquidity in an illiquid corner of the bond market—off-the-run securities account for a small portion of the Treasury market but generate a substantial share of daily trading volume—not to deliver monetary stimulus, but traders read it as a signal of policy support for risk assets.

The Office of the Comptroller of the Currency granted conditional preliminary approval on August 14 for World Liberty Trust Company, National Association, to operate as a national trust bank—a federal regulatory stamp that gives the Trump family-linked crypto venture authority to issue, redeem, and custody its USD1 stablecoin under OCC supervision. The 221-day review process, which began with the January 2026 application, clears the way for World Liberty to move stablecoin operations in-house from BitGo, the current custodian, placing reserve management directly under federal oversight. The charter does not permit World Liberty Trust to accept insured deposits or make loans; its scope is limited to stablecoin issuance and custody. An entity affiliated with the Trump family holds a 38% ownership stake in World Liberty Financial, the parent company. The approval lands in the middle of a Senate debate over the CLARITY Act, which aims to regulate crypto profits for government officials and their families—supporters argue it demonstrates why new guardrails are necessary, while opponents point to the OCC's rigorous review as evidence existing frameworks suffice. The charter is preliminary and conditional; World Liberty must still satisfy undisclosed OCC requirements, typically involving capitalization, governance, and compliance demonstrations. A federally chartered trust bank issuing a stablecoin is a first-of-its-kind structure, giving USD1 regulatory backing that rivals USDC and USDT do not currently possess.