Laser Digital CEO on APAC’s Crypto Shift

Institutional adoption of digital assets is accelerating across the Asia-Pacific. The Chainalysis 2025 Global Crypto Adoption Index shows APAC leading global growth, with value received rising 69% year over year to $2.36 trillion. India tops the index, while Japan, Korea, and Southeast Asia expand pilots and sandboxes.

Against this backdrop, BeInCrypto spoke with Dr. Jez Mohideen, Co-Founder and CEO of Laser Digital, Nomura Group’s digital asset arm, to discuss where Web3 adoption is most active.

Institutional Investors’ Real Concerns

Despite rising grassroots adoption, many boardrooms still judge it “too early.” If so, what do the institutions cite in internal discussions when weighing crypto adoption? Mohideen’s response highlighted the reputational, security, and compliance hurdles that dominate the agenda.

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“Across APAC, institutional interest in digital assets continues to grow. However, adoption is approached with caution, possibly due to lingering concerns around reputational risk, cybersecurity threats (e.g., financial losses from hacking incidents), and compliance with global standards such as Basel III, FATF, AML, and CFT frameworks.”

These concerns remain urgent. BeInCrypto reported that alleged North Korean hackers stole $1.6 billion in the first half of 2025, including $1.5 billion from Bybit alone. Such losses explain why institutions demand custody, insurance, and audit clarity before moving forward.

Industry Response Levels

Which industries in APAC are leading the charge? Banks and securities firms have announced pilots, while insurers remain cautious. Mohideen said the gap reflects not just regulation but also internal strategy.

“While it’s difficult to generalize by industry, responses vary significantly by individual firm strategy. Insurance companies tend to be more conservative and slower to engage with digital assets. Other sectors, including banking and securities firms, tend to show more proactive exploration, often through pilot programs or strategic partnerships.”

Four-Year Cycle and Market Outlook

Bitcoin has long been framed by its halving-driven four-year cycle. But in 2024, the cycle broke precedent: Bitcoin surged to a new all-time high before the halving, driven by institutional accumulation rather than retail speculation.

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Analysts say this shift reflects Bitcoin’s evolution into a macro asset tied to global liquidity, reducing the halving’s role as a decisive signal. Do the institutions still pay attention to the cycle?

“Institutional investors typically view Bitcoin’s halving cycle as one of many market indicators. Broader regulatory developments and structural demand shifts are increasingly influential. The halving may contribute to sentiment, but it is not a decisive factor in institutional decision-making.”

These remarks align with the changing structure of flows. Farside Investors data shows US spot bitcoin ETFs pulled $54.5 billion since January 2024, while Bloomberg noted billions in ether ETF inflows in 2025. Together, Bitcoin and Ethereum now anchor institutional benchmarks alongside macro indicators.

Bitcoin Treasury Strategies and Early Examples

Treasury adoption has been touted as a sign of institutional conviction, with firms like Metaplanet and Remixpoint in Japan adding bitcoin. Yet cracks are visible. BeInCrypto reported that many listed treasury firms now trade below their mNAV, limiting their ability to raise funds and exposing them to forced sales. Some analysts call the strategy “the greatest financial arbitrage in history,” while others warn it resembles a Ponzi-like bet. How early did the adopters begin shaping the discussion?

“In Japan, regulatory discussions around crypto taxation and accounting are advancing. Some firms have adopted crypto treasury strategies, which are being closely watched. These early adopters serve as practical case studies in risk management. Their success or failure may influence broader institutional behavior, but adoption will ultimately depend on regulatory clarity and operational readiness.”

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Beyond Japan, Hong Kong’s Yunfeng Financial allocated $44 million in ETH, while China Renaissance committed $200 million to Web3, including $100 million in BNB, earning the “BNB MicroStrategy” moniker. These firms remain case studies in how treasuries adapt amid market stress.

Tokenization and Liquidity Integration

Tokenization is accelerating globally. Singapore’s Project Guardian has expanded into bonds and FX, Hong Kong issued multi-currency digital bonds, and Japan continues refining STO frameworks. How can these developments converge with crypto liquidity? Who will take the lead?

“Tokenization of traditional assets (equities, bonds) is progressing, but integration with crypto market liquidity remains complex. Regulatory constraints on public chain issuance may delay convergence. Banks and exchanges bring trust and scale, but the real opportunity lies in collaboration with new infrastructure players who can bridge regulated markets with public chain innovation. Together, this convergence could reshape capital markets into something far more global, liquid, and accessible.”

Stablecoin Proliferation and Interoperability

Stablecoin frameworks are proliferating across APAC. Japan classified JPYC as an electronic payment instrument, Hong Kong’s ordinance set HK$25 million capital requirements, and South Korea floated a state-backed blockchain. Can interoperability be achieved amid diverging rules?

“The emergence of such stablecoins may add to the overall dynamics, but it’s likely that any form of competition will arise from business factors rather than political factors. Competition will likely emerge based on overall convenience, UX, and actual costs to use them (i.e. implementation costs). Both regulators and issuers are entering uncharted territory, and given the critical importance of settlement functions, the launch and expansion will likely proceed cautiously.

Global connection and interoperability are expected features from the outset. Each jurisdiction wants control, each issuer wants stickiness. That creates the risk of siloed liquidity. Initial operations are likely to be conducted with limited functionality and reduced versatility.”

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APAC Market Reality

While Hong Kong and Singapore lead public messaging, Mohideen said activity is spreading more widely. Where is it that capital, talent, and Web3 adoption—DeFi, DEXs, NFTs—are truly active?

“While Hong Kong and Singapore are publicly prominent, real activity is also emerging in Japan, Korea, and Southeast Asia. Sandbox initiatives and pilot programs are gaining traction. In Japan, interest in DeFi and DEXs is growing among crypto-native users. While broader adoption will appear gradually, it shouldn’t be seen as a slow start. What we are seeing is more of a focused approach that will enable the ecosystem to grow faster once the foundation is in place.”

The family office trend illustrates this. UBS and Reuters noted that Asian wealthy families now allocate 3%–5% to crypto, treating it as an essential part of their portfolio. Combined with grassroots adoption, these flows show that Web3 is no longer in the APAC niche.

Risk Landscape

Our final question was on how institutions balance opportunity with risk. Mohideen’s earlier points on security and governance resonate as regulators act against laundering tools and leveraged treasury models face strain.

The DOJ’s conviction of Tornado Cash co-founder Roman Storm underscored enforcement priorities. Analysts warn that debt-heavy treasuries face a $12.8 billion maturity wall by 2028. APAC institutions are responding with equity-funded, transparency-first approaches, as BeInCrypto reported on treasury adoption.

Mohideen’s perspective highlights both caution and momentum in APAC. Institutions still weigh risks, yet tokenization pilots, stablecoin rules, and treasury experiments point to fast-maturing markets. With Bitcoin and Ethereum as benchmarks and Web3 adoption spreading, APAC lays the groundwork to shape the next phase of global digital finance.