Japan’s leading financial institutions are preparing to launch cryptocurrency investment trusts as the country moves closer to integrating digital assets into its traditional financial system. Major firms, including SBI Securities, Rakuten Securities, and Nomura Holdings, are reportedly developing crypto-focused investment products amid ongoing regulatory reforms introduced by Japan’s Financial Services Agency.
The planned products are expected to reshape how retail investors in Japan gain exposure to cryptocurrencies by allowing access through conventional securities accounts instead of dedicated crypto exchanges or digital wallets. Industry analysts believe the development represents a major milestone in the mainstream adoption of digital assets within Japan’s regulated financial markets.
According to reports, Japan’s Financial Services Agency is advancing regulatory measures that could allow cryptocurrencies to be included in investment trusts and exchange-traded funds by 2028. The proposed reforms are part of a broader effort to modernize the country’s financial framework while strengthening investor protections.
Major Financial Institutions Expand Crypto Plans
SBI Securities and Rakuten Securities are actively developing crypto investment trusts designed to simplify retail access to digital assets through traditional investment platforms.
SBI is reportedly planning to launch cryptocurrency-related funds through its subsidiary, SBI Global Asset Management. The company is expected to focus initially on highly liquid digital assets such as Bitcoin and Ethereum. Rakuten is also said to be working alongside Rakuten Investment Management to develop crypto investment products that could be accessed directly through smartphone applications, potentially making participation easier for retail investors.
Japan’s traditional brokerage system currently requires investors to open separate crypto exchange accounts or manage independent wallets to trade digital assets. The proposed investment trust structure would reportedly eliminate some of these barriers by integrating crypto exposure into existing securities platforms.
Other major institutions are also exploring opportunities in the sector. Nomura and Daiwa are reportedly developing internal cryptocurrency investment products, while SMBC Group has established a dedicated task force to evaluate potential market strategies. Asset Management One, which operates under Mizuho Financial Group, has additionally begun exploratory initiatives tied to crypto-related investments.
Regulatory Reforms Reshape Japan’s Crypto Market
The expansion of crypto investment products aligns with Japan’s broader regulatory overhaul targeting digital assets. In April 2026, the Japanese Cabinet reportedly submitted amendments to the Financial Instruments and Exchange Act that would reclassify cryptocurrencies as financial products similar to stocks and bonds.
Japan’s proposed regulatory reforms would classify crypto-assets under securities law, opening the door for inclusion in investment trusts and exchange-traded funds.
The reclassification is expected to strengthen investor safeguards while enabling cryptocurrencies to become eligible underlying assets for regulated investment vehicles. Japan’s Financial Services Agency is also reportedly revising the Investment Trust Act to formally incorporate digital assets into trust structures by 2028.
The regulatory roadmap additionally includes stricter disclosure requirements and possible tax reforms. Authorities are reportedly discussing a flat 20% tax rate on cryptocurrency gains, which would align digital asset taxation with the treatment of equities in Japan.
Spot Crypto ETFs Under Consideration
In addition to investment trusts, Japan is reportedly evaluating the possibility of approving spot cryptocurrency exchange-traded funds by 2028. Financial institutions have already begun preparing product concepts in anticipation of future regulatory approval.
SBI has reportedly announced plans for a dual Bitcoin-XRP exchange-traded fund as well as a gold-crypto hybrid ETF, both of which remain subject to regulatory clearance. If approved, such products could potentially be listed on the Tokyo Stock Exchange and made available to retail investors through mainstream brokerage channels.
The potential introduction of crypto ETFs and regulated investment trusts could significantly expand retail participation in Japan’s digital asset market.
The Financial Instruments and Exchange Act amendments are expected to take effect later in 2026, while secondary regulatory frameworks and supervisory guidelines could be finalized by 2027. Industry observers believe the next two years will play a critical role in determining how quickly Japan transitions into a more institutionally integrated cryptocurrency market.
