Japan’s leading financial institutions are moving rapidly to create cryptocurrency investment trust products, as regulatory reforms pave the way for digital assets to be included in traditional fund structures by 2028. Major brokerage firms like SBI Securities and Rakuten Securities are already developing in-house solutions, aiming to offer retail investors a seamless way to gain exposure to Bitcoin and Ethereum through standard securities accounts, eliminating the need for separate crypto exchange accounts or digital wallets.
SBI Securities is collaborating with SBI Global Asset Management to launch funds that will concentrate on highly liquid cryptocurrencies, including Bitcoin and Ethereum. These products may take the form of exchange-traded funds or investment trusts, providing flexibility for investors. Meanwhile, Rakuten Securities is leveraging its subsidiary Rakuten Investment Management to build similar offerings, with plans to enable trading directly via mobile applications for user convenience.
Other financial powerhouses are also entering the fray. Nomura Holdings and Daiwa Securities have disclosed intentions to develop crypto investment trusts once the regulatory environment is clarified. The SMBC Group, along with SMBC Nikko, has established a dedicated task force to explore potential products. Additionally, Asset Management One, under the Mizuho Financial Group, has commenced preliminary research into crypto fund opportunities.
A recent survey indicates that 11 out of 18 major Japanese brokerage firms are likely to offer crypto investment trust products following regulatory approval. This underscores a broad acceptance of digital assets within traditional finance, even as the final rules are still being formulated.
Japan’s Financial Services Agency is expected to amend the Investment Trust Act by 2028, explicitly permitting crypto assets within investment trust holdings. This legislative shift builds upon the recent reclassification of cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act, which introduced stricter market regulations, including annual disclosures and insider trading prohibitions. These changes align with Japan’s broader strategy to authorize spot crypto ETFs by 2028, with Nomura Holdings and SBI Holdings anticipated to be among the pioneers in launching such products.
Beyond trusts, SBI Holdings continues to expand its crypto footprint through other ventures, including negotiations for a Bitbank subsidiary stake and the launch of a Visa card that rewards users with Bitcoin, Ethereum, and XRP. These initiatives reflect the concerted effort by Japanese financial groups to integrate digital assets across funds, exchanges, and payment systems, offering retail investors multiple access points to the crypto economy.