Japan’s largest brokerages are preparing crypto investment trusts ahead of expected regulatory reforms by 2028.
Crypto News
Japan's largest brokerage firms are preparing crypto investment trust products for retail investors, according to a May 17 report by Nikkei Asia. At least eight major financial institutions are at various stages of planning or product development. The moves come ahead of regulatory changes that would formally permit such funds by 2028.
SBI Securities plans to distribute products built by group company SBI Global Asset Management. The planned lineup includes both exchange-traded funds (ETFs) and investment trusts tied to liquid assets such as Bitcoin (BTC) and Ethereum (ETH). SBI intends to manage product development and retail distribution entirely within the group. SBI Global Asset Management has previously set a target of roughly 5 trillion yen ($32 billion) in assets within three years of its first product launch.
Rakuten Securities is taking a similar in-house approach through Rakuten Investment Management. Its products are being designed to trade directly through Rakuten's smartphone app.
Japan's Big Brokerages Line Up for Crypto
Among 18 major brokerages surveyed by Nikkei, 11 said they would consider entering the market once final rules are in place. Nomura Securities and Daiwa Securities have each announced plans to develop investment trusts within their respective groups. SMBC Group, which includes SMBC Nikko, has set up a cross-group task force to evaluate its options. Asset Management One, the asset management arm of Mizuho Financial Group, has begun preliminary research, Nikkei reported.
These products would change how ordinary Japanese investors access digital assets. Buying crypto in Japan currently requires opening a dedicated exchange account or managing a self-custody wallet. Investment trusts would allow exposure through existing brokerage accounts already used for stocks and bonds.
Japan's Financial Services Agency is revising the Investment Trust Act's enforcement order to formally add crypto to its list of eligible assets by 2028. The cabinet approved a separate bill in April 2026 that reclassifies crypto as a financial instrument under the Financial Instruments and Exchange Act. If passed in the current parliamentary session, that law is expected to take effect in fiscal 2027 and bring crypto under the same regulatory framework as equities and bonds.
Japan Exchange Group Chief Executive Hiromi Yamaji told Bloomberg in late April 2026 that the Tokyo Stock Exchange could list spot crypto ETFs as early as 2027. That estimate would pull forward an earlier Nikkei projection of 2028, provided legal reforms and tax treatment are resolved in the current Diet session. Nomura and SBI Holdings are expected to lead the first ETF listings. SBI has separately outlined plans for a dual BTC-XRP ETF and a gold-crypto ETF, both pending regulatory approval.
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