Major Japanese brokerages are preparing to launch cryptocurrency investment trusts for retail investors, marking a significant shift in market access. Firms like SBI Securities and Rakuten Securities are developing in-house products, while larger players including Nomura and Daiwa plan to enter the space. This move comes as Japan’s regulator is revising rules to formally allow such funds by 2028, following recent legislation that reclassified crypto as financial instruments.
Major Japanese brokerages are advancing plans to bring cryptocurrency investment trusts to retail investors. SBI Securities intends to sell funds developed by its group company, spanning both ETFs and trusts focused on liquid assets like Bitcoin and Ethereum. Rakuten Securities is similarly working with Rakuten Investment Management to build products tradeable through smartphone apps.
This development would significantly alter how ordinary Japanese investors access digital assets. Currently, buying crypto requires opening a dedicated exchange account or wallet. Investment trusts would allow exposure through existing securities accounts, removing a key barrier for retail participation.
Other large financial groups are also moving toward crypto funds. Nomura and Daiwa have both announced plans to develop crypto investment trusts within their respective groups. SMBC Group, including SMBC Nikko, has established a cross-group task force to evaluate options.
The regulatory landscape in Japan is evolving to accommodate these products. The Financial Services Agency is revising the enforcement order of the Investment Trust Act by 2028 to formally add cryptocurrencies. Last month, Japan reclassified crypto assets as financial instruments under an amended Financial Instruments and Exchange Act.
Japan is also reportedly considering rule changes that could allow spot crypto ETFs as early as 2028. Major groups including Nomura Holdings and SBI Holdings are among the first expected to develop such products. SBI Holdings has already outlined plans for specific ETFs pending regulatory approval.
