1｜Integration or zero

Yo Nakagawa

The major investment into QMAP by one of the world’s leading institutions reflects 3iQ’s team design and product philosophy, and it will likely become a milestone that attracts further inflows. At the same time, it signals that crypto is being accepted by a broader investor base—an important step toward democratic access.

 

Pascal St-Jean

From my background in technology, when you look at open source, the internet, or anything disruptive, it usually blends itself into current society to create something new—rather than completely ripping it out and replacing it.

 

Early on, the open-source philosophy had many anarchists who wanted to “blow up Microsoft.” But today, no one talks about open source—yet it’s everywhere, and Microsoft is one of the biggest contributors. In other words, the world didn’t transform in the exact way people imagined; it integrated and became more efficient.

 

I believe the same will happen with crypto. Crypto technology—the blockchain itself—was either going to integrate into traditional finance to create something new, or go to zero. There may remain some hardcore believers to build something new. But the reality is once mass adoption happens, then as you integrate it into society, then it will become what the masses decided becomes.When you tackle things that change the government, institutions or capital market, they will decide how that gets done.

 

That is what’s happening right now. The technology is being adapted, and it will power a whole new series of financial services, which is very positive for everyone. As a group, we positioned ourselves with the assumption that this would happen—and it’s happening.
 

2｜Turning regulatory change into opportunity

Yo Nakagawa

In industries where regulation is changing, positioning yourself for that change is critical. Of course, things may happen or may not happen—we don’t set the regulations. But if you have enough experienced people in the room, you can make a sound guess on where this is heading.

 

Japan was early in regulating crypto, primarily to protect investors, and regulated it as a means of payment. That achieved important goals, but it also made it difficult for institutional investors to offer financial products, and the tax treatment also posed challenges.

 

Now, as the market matures and regulatory frameworks progress globally, Japan is also moving toward recognizing crypto as a financial instrument through revisions to the relevant legal framework. While the “flavor” of regulation differs by jurisdiction, the direction is consistent: every major jurisdiction is going to recognize crypto as a proper business and set rules that make it safer to trade and invest.

 

At the core, blockchain is a technology—and technology has no value unless it is useful. What we’re seeing is blockchain adapting, perhaps in a different form than the initial ethos, into a technology layer for traditional finance.

 

Monex Group and 3iQ are in a good position to monetize on the asset aspect—asset management and retail trading—and also contribute on the technology front by supporting how blockchain adapts into existing systems. Being able to contribute on both “asset” and “technology” is a true strength of Monex Group.

3｜Monex Group synergies and the road ahead

Pascal St-Jean

Looking forward, there are three broad scenarios for crypto. Two are highly likely, and that’s where we’re focused.One is serving crypto natives—the early adopters like many Coincheck users—who want services that allow them to stay in the crypto world as it evolves.The second is helping traditional finance integrate crypto—supporting institutions as they adapt their processes and offerings.The third is the fringe: a smaller market of hardcore believers who will always exist, but the real growth will come from the first two.

 

Monex Group has a range of capabilities—asset management, private bank, securities. As the world of integration becomes reality, group companies will increasingly incorporate crypto into their services. Monex Securities already offers some crypto derivatives, and in the future, spot collaboration with Coincheck could emerge. Monex Asset Management and the private bank business are also discussing how to integrate crypto as conditions open up.

 

In the short term, it’s easier to focus on synergies within crypto companies, and within traditional finance companies, respectively. But longer term—once regulation evolves and market comfort increases—those two worlds will come back together. Designing products and channels that connect native and traditional markets is the long-term strategy.

 

Yo Nakagawa

Unlike equities, crypto is global by nature. A Japanese investor can trade U.S. equities, but it’s not equally easy for U.S. customers to trade Japanese equities. With crypto, geographic diversity makes cross-border synergies easier to create.

 

We also benefited from differences in the pace of development: Japan lagged due to regulation, while 3iQ helped shape the regulatory landscape for crypto asset management in Canada. Bringing that knowledge into Japan is easier than in many other asset classes.

The era of asking whether crypto will enter the system is ending. The question now is how we connect this technology and asset class to society so that it functions. Innovation is born, translated, and integrated—and the key is whether we can keep that cycle turning. We believe we are in that position.

 

Pascal St-Jean

Crypto’s history may not look exactly like what people imagined 20 years ago. But the technology is integrating, and it is creating new services. Being present in that process—and designing new connections—that is our role as Monex Group and 3iQ. And our story will continue to expand from here.

 

June 3, 2026

The interviewees’ affiliations, titles, and comments are current as of the time of the interview.