Major Japanese securities firms are accelerating the integration of crypto assets into traditional investment channels. According to Nikkei, SBI Securities and Rakuten Securities are developing crypto investment products for retail customers, including investment trusts and ETFs, with underlying assets primarily consisting of highly liquid tokens such as Bitcoin and Ethereum.
The goal of this type of product is to enable retail investors to allocate assets without needing to open a separate cryptocurrency exchange account or manage their own wallets, allowing them to do so directly through their existing securities accounts. If subsequent regulations are implemented, the way Japanese retail investors access crypto assets will change significantly.
SBI and Rakuten are advancing their own products.
Reports indicate that SBI Securities plans to sell products developed by its subsidiary, SBI Global Asset Management, including ETFs and investment trusts. The group aims to keep product design, management, and distribution within its ecosystem as much as possible.
Rakuten Securities is also advancing similar arrangements and collaborating with Rakuten Asset Management to develop related products. The goal is to allow users to trade these crypto funds directly through their mobile securities app, lowering the barrier to entry.
Nomura, Daiwa, and banking institutions follow up with assessments
In addition to SBI and Rakuten, Nomura and Daiwa have also indicated plans to explore cryptocurrency investment trusts within their corporate frameworks. Sumitomo Mitsui Financial Group has established a cross-departmental task force to evaluate potential product pathways, while Asset Management One, a subsidiary of Mizuho Financial Group, has begun preliminary research.
From industry developments, traditional Japanese financial institutions are viewing crypto funds as an extension of their existing asset management services, rather than merely peripheral products. For brokerages and banks, these products can expand their asset classes and help improve customer retention.
Regulatory revisions target 2027 to 2028
Alongside the institutional布局, regulatory frameworks are being adjusted. The report mentions that Japan’s Financial Services Agency plans to amend the implementing regulations of the Investment Trust Act by 2028, formally including crypto assets within the scope of permissible investments for investment trusts.
Meanwhile, Japan is also advancing amendments to the Financial Instruments and Exchange Act to bring crypto assets further under the securities regulatory framework. If passed by the current session of parliament, the amendments are expected to take effect in fiscal year 2027.
- Fiscal Year 2027: Relevant financial regulatory amendments are expected to take effect
- Before 2028: Cryptocurrency assets are proposed to be included under investment trust regulations
- Around 2028: Spot crypto ETFs may be approved.
Spot ETFs are also on the preparation list.
In addition to investment trusts, Japan is also evaluating the possibility of launching spot crypto ETFs. The report suggests that if regulations are relaxed, Nomura Holdings and SBI Holdings could be among the first institutions to enter the market.
Among these, SBI has publicly proposed the idea of a Bitcoin-XRP dual-crypto ETF and a gold and crypto assets composite ETF, though they remain subject to regulatory approval. If these products are launched, Japanese investors will gain exposure to crypto assets through more familiar securities products.
Overall, the Japanese market is gradually integrating crypto assets into the mainstream financial system from standalone trading platforms. Over the next two years, the pace of regulatory developments and product filings by leading institutions will be key indicators of whether this transition is accelerating.