Japan’s two largest online brokerages, SBI Securities and Rakuten Securities, are building crypto investment trusts internally and plan to sell them directly to retail clients, marking a significant step toward mainstream digital asset products in the country.
Both groups will manage the full process in-house — from product design and fund management to marketing and distribution — according to local business media reports released on Sunday.
SBI and Rakuten prepare bitcoin and ether products
SBI Global Asset Management, the asset arm of SBI, is preparing products linked to bitcoin and ether in both ETF and traditional trust formats.
Rakuten is pursuing a similar approach through Rakuten Investment Management, which plans to offer crypto-related trusts via its existing mobile trading app, lowering the barrier to access for its user base.
SBI has previously outlined plans for a dual bitcoin–XRP ETF and a gold-linked crypto fund, both pending regulatory approval. The company has also projected a medium-term target of around 5 trillion yen (about $32 billion) in assets under management within three years of launch.
Wider brokerage sector signals interest
A survey of 18 major Japanese brokerages found that 11 are considering launching crypto-related trusts or funds once domestic rules are finalized.
Nomura and Daiwa have already started internal development programs. SMBC Group has set up a cross-company task force, while Asset Management One — backed by Mizuho Financial Group — has begun early-stage research.
The broader push indicates that large parts of Japan’s securities industry are preparing for regulated digital asset products to become part of standard offerings.
Regulatory overhaul targets 2027–2028 window
Japan’s Financial Services Agency (FSA) plans to revise the enforcement order of the Investment Trust Act by 2028 to classify cryptocurrencies as “specified assets.” That change would formally allow crypto to be held inside investment trust portfolios.
Separately, a government bill approved in April aims to bring crypto under the Financial Instruments and Exchange Act, treating it alongside traditional securities. This framework could take effect as early as fiscal 2027.
Reclassification under the securities law is expected to introduce stricter rules, including bans on insider trading, disclosure obligations and tighter compliance standards for intermediaries.
Retail access via standard brokerage accounts
If approved, the new trusts and ETFs would allow retail traders to gain crypto exposure through ordinary brokerage accounts, rather than needing to open accounts on dedicated crypto exchanges or manage private digital wallets.
Analysts say this shift to familiar, regulated channels could significantly broaden household participation in digital assets once the legal framework is in place.
Security and operational rules under discussion include mandatory segregation of customer assets in trusts and requirements for service providers to keep most digital holdings in offline “cold wallets.”
Tokyo Stock Exchange may list crypto ETFs by 2027
Crypto ETFs could debut on the Tokyo Stock Exchange as early as 2027, subject to legal and tax reforms, according to Japan Exchange Group CEO Hiromi Yamaji.
The updated timeline moves forward an earlier 2028 estimate. Nomura and SBI Holdings are seen as likely contenders for initial listings once the market opens.
Nomura shifts toward fee-based crypto business
Nomura’s Swiss-based crypto arm, Laser Digital, posted losses in the third quarter tied to market volatility, leading the firm to scale back direct trading positions earlier this year. Despite this, Nomura has maintained its presence in digital asset markets.
The emerging model of in-house crypto trusts and ETFs places emphasis on management and distribution fees, rather than proprietary trading, potentially offering a more stable revenue base tied to assets under management.
Growing appetite and focus on key coins
Surveys point to gradually improving sentiment toward digital assets among Japanese institutions. In an April 2026 poll of 518 domestic institutions, 31% reported a favorable view of digital assets, up from 25% in a previous survey.
Initial products are expected to focus on large, liquid cryptocurrencies such as bitcoin, ether and possibly XRP. Current prices place bitcoin near ¥12.4 million and ether around ¥348,000, suggesting that flows into new trusts and ETFs could have visible effects on underlying market dynamics.
The combination of regulatory reform, large-scale brokerage distribution and conservative security standards suggests Japan is methodically preparing to integrate digital assets into its mainstream financial system.
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