Nikolas Sargeant
TL;DR
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Japan’s largest online brokerages, including SBI Securities and Rakuten Securities, are developing in-house crypto investment trusts and ETFs for retail investors.
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Japan’s Financial Services Agency is moving to formally allow cryptocurrencies in investment trusts by 2028, while crypto ETFs could launch on the Tokyo Stock Exchange as early as 2027.
Japan’s two largest online brokerages are preparing to launch in-house crypto investment trusts aimed at retail investors, signaling growing institutional confidence in digital assets ahead of expected regulatory reforms.
According to a Sunday report from Nikkei Asia, SBI Securities and Rakuten Securities are developing crypto-linked investment products internally and plan to distribute them directly through their existing brokerage platforms.
SBI and Rakuten Push In-house Crypto Product Strategy
SBI Securities plans to distribute products created by group affiliate SBI Global Asset Management, with offerings expected to include both ETFs and investment trusts linked to major cryptocurrencies such as Bitcoin and Ethereum.
The Nikkei report said the SBI group intends to manage the full process internally, from product creation to retail distribution.
Rakuten Securities is pursuing a similar strategy through Rakuten Investment Management, with products designed to be accessible directly through its smartphone trading app.
More Japanese Financial Giants Eye Crypto Investment Trusts
The report noted that 11 of 18 major Japanese brokerage firms surveyed by Nikkei said they are considering launching crypto investment trust products once the country finalizes its regulatory framework.
Nomura Securities and Daiwa Securities have already announced plans to develop crypto investment trusts within their corporate groups.
Meanwhile, SMBC Group, including SMBC Nikko, has reportedly formed a dedicated cross-group crypto task force.
Asset Management One, a subsidiary of Mizuho Financial Group, has also begun preliminary research into the sector.
Japan Moves Toward Formal Crypto ETF and Trust Regulations
Japan’s Financial Services Agency is currently working on revisions to the enforcement order of the Investment Trust Act by 2028, a move that would formally recognize cryptocurrencies as eligible assets for investment trusts.
Separately, Japan’s cabinet approved legislation in April to reclassify crypto assets under the Financial Instruments and Exchange Act. If approved during the current Diet session, the law could take effect as early as fiscal 2027 and place cryptocurrencies under the same regulatory framework as traditional securities such as stocks and bonds.
The regulatory shift is expected to pave the way for broader retail access to crypto exposure through conventional brokerage accounts.
