Japan’s Financial Services Agency is weighing rule changes that could permit cryptocurrency exchange-traded funds as early as 2028. According to the report, the planned changes aim to let retail investors access Bitcoin and other digital assets via regular brokerage accounts.
The agency would amend its framework to include crypto as eligible ETF assets and strengthen investor protections. Major financial groups like Nomura Holdings and SBI Holdings are among the first expected to build crypto-linked ETF products.
Discussions signal regulatory intent rather than a finalized policy shift. (Ed. note: the FSA has not publicly confirmed a timeline and formal consultations remain necessary.)
Under current rules, ETFs tied directly to digital assets remain unavailable in Japan. Estimates project Japanese crypto ETFs could eventually reach about $6.4 billion in assets, though that figure depends on market conditions and finalized regulations.
On Aug. 6, 2025, SBI Holdings said it planned a Bitcoin‑XRP dual ETF and a gold‑crypto ETF structure, subject to approval. On Jan. 5, Finance Minister Satsuki Katayama said, “In the US, crypto assets are increasingly used via ETFs as inflation hedges, and Japan must also pursue advanced fintech initiatives.”
