Key Takeaways
- SBI Securities and Rakuten Securities plan to sell crypto investment trusts, opening bitcoin and ethereum to retail brokerage accounts.
- Japan’s FSA targets 2028 for Investment Trust Act revisions, with a proposed 20% tax rate replacing the current 55% cap.
- Nomura, Daiwa, and 11 other firms will evaluate crypto fund offerings once Japan’s regulatory framework is finalized.
Japan Brokerages Push Crypto Funds as FSA Eyes 2028 Regulatory Deadline
SBI Securities and Rakuten Securities plan to develop and distribute crypto investment trusts in-house, according to a recent Nikkei Asia report. The products would give ordinary brokerage customers exposure to bitcoin and ethereum without requiring a separate exchange account or digital wallet.
SBI Securities intends to sell funds built by its group company SBI Global Asset Management. The group plans to handle product development, ETF structuring, and distribution entirely within its own ecosystem.
Rakuten Securities is taking a similar approach, as Nikkei Asia contributors Miyu Fukawa and Shogo Furuta detailed. The firm is working with Rakuten Investment Management to make cryptocurrency investment trusts available through its smartphone app.
Nikkei Asia surveyed 18 major Japanese securities firms and found broad interest. Nomura Securities, Daiwa Securities, SMBC Nikko Securities, Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, and seven others said they would consider offering such products once regulations are finalized.
The Financial Services Agency (FSA) is working to amend the Investment Trust Act so that cryptocurrencies qualify as specified assets eligible for investment vehicles, with a target date of 2028. That change would allow brokerages and asset managers to legally hold crypto inside fund structures.
In April 2026, Japan’s government approved a bill to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, moving them out of the payments category. If parliament passes the bill during the current session, the rules are expected to take effect in fiscal 2027.
The proposed legislation would also cut the tax rate on cryptocurrency gains to 20%, matching the rate applied to stocks and bonds. Currently, Japanese investors can face a tax rate as high as 55% on crypto profits.
The revised framework would also impose stricter custody and security requirements on trust banks and other institutions managing cryptocurrency in investment operations, and add prohibitions on insider trading.
Japan has maintained a regulated domestic crypto exchange sector for years, with licensed platforms including Bitflyer, Coincheck, and SBI VC Trade. Bitcoin ETFs began trading in the U.S. in 2024, with similar products now listed in Canada, Hong Kong, and Australia.
Nomura and Daiwa have previously announced plans to develop crypto investment products within their respective groups. SMBC Group has formed a cross-group task force to examine the opportunity, and Asset Management One, under Mizuho Financial Group, has begun internal discussions.
Spot crypto ETFs listed on the Tokyo Stock Exchange remain a longer-term possibility pending FSA rule-setting, Nikkei Asia reported. The market implications are significant: surveys indicate nearly 80% of Japanese institutional investors plan to allocate 2% to 5% of their portfolios to crypto assets by 2029.
