Major Japanese financial institutions, including SBI Securities, Rakuten Securities, and Nomura Asset Management, are actively developing cryptocurrency investment trusts and Exchange-Traded Funds (ETFs) to bridge the gap between traditional brokerage accounts and digital assets. These firms are preparing products backed by liquid tokens like Bitcoin (BTC) and Ethereum (ETH) to allow retail investors to gain market exposure without managing private wallets. The push comes as Japan’s Financial Services Agency (FSA) evaluates regulatory reforms that could formally permit such products as early as 2028.
The strategic shift involves heavyweights such as Daiwa Securities, Sumitomo Mitsui Financial Group (SMBC Group), and Asset Management One, a subsidiary of Mizuho Financial Group. These entities aim to simplify crypto access by integrating it into existing ecosystems. Currently, individual investors often face the hurdle of opening separate exchange accounts. By offering these trusts through standard securities platforms, brokerages provide a familiar environment for those accustomed to trading stocks and bonds.
For many, this institutional embrace provides a safer entry point during periods of market uncertainty. While a Bitcoin volatility warning may cool retail interest temporarily, the moves by Japan’s “Big Three” finance houses suggest a long-term commitment to digital assets. This development effectively treats cryptocurrency as a standard asset class within the national savings framework, potentially unlocking up to 1 trillion yen ($6.4 billion) in assets under management if ETFs continue toward approval.
SBI and Rakuten lead the retail crypto trust race
SBI Securities is currently positioning itself as a leader by leveraging its internal investment infrastructure. The brokerage plans to sell products developed by its subsidiary, SBI Global Asset Management, keeping design and distribution within its own ecosystem. SBI is also proposing more complex offerings, including a Bitcoin-XRP dual-coin ETF and a gold-crypto composite product, though these remain pending regulatory approval. This follows the group’s “triple-play” strategy announced in May 2026 to dominate the digital finance sector.
Rakuten Securities is taking a similar path by collaborating with Rakuten Investment Management to develop products tradeable through smartphone apps. The firm has deep roots in the sector through Rakuten Wallet, which became a subsidiary of Rakuten Group to facilitate spot trading as early as 2019. Since February 2021, users have been able to charge their Rakuten Cash e-money balance with Bitcoin, Ethereum, and Bitcoin Cash, allowing for a seamless transition from points to investable assets.
A recent Nikkei survey highlights the scale of this industry shift, indicating that 11 out of 18 major Japanese brokerage firms may offer crypto investment trusts once the legal path is cleared. While Cardano price outlook and other altcoin recoveries remain topics of interest for active traders, these new trusts are designed for a broader audience. They target passive investors who prefer the security and oversight provided by major traditional financial institutions.
Nomura explores institutional crypto and stablecoin infrastructure
Nomura Holdings is focusing on the institutional and infrastructural layers of the market. Its Swiss-based subsidiary, Laser Digital Holdings AG, is in pre-consultation talks with the Japan Financial Services Agency regarding a license to offer crypto trading services to institutional clients. Jez Mohideen, CEO of Laser Digital, expressed optimism about the Japanese digital-asset ecosystem, noting that their entry reflects a belief in the market’s long-term viability.
Nomura Asset Management is also exploring the development of cryptocurrency ETFs. Beyond direct investment, Laser Digital has partnered with GMO Internet Group, Inc. to explore the issuance and circulation of stablecoins pegged to the Japanese yen and U.S. dollar. This collaboration aims to provide a “Stablecoin-as-a-Service” solution, which could provide the liquidity and settlement infrastructure necessary for a robust crypto-linked fund market in Japan.
Regulatory reforms and the 2028 crypto roadmap
The timeline for these products is tethered to a clear regulatory schedule overseen by the Japanese government. The FSA plans to amend the implementing regulations of the Investment Trust Act by 2028 to formally include crypto assets as permissible investments. This change provides the legal certainty for conservative firms to launch public-facing funds. Amendments to the Financial Instruments and Exchange Act are also expected to take effect in fiscal year 2027.
These legal updates will reclassify crypto assets as financial instruments, imposing stronger market rules such as mandatory annual disclosures and insider trading restrictions. This shift brings digital assets under a similar regulatory umbrella as traditional equities. As the Japanese market prepares for this transition, the focus is shifting away from niche trading and toward the full integration of tokens like Bitcoin and Ethereum into mainstream retirement and savings portfolios.