SBI, Rakuten, Nomura Line up to Launch Crypto Investment Trusts: Report

Why It Matters

The rollout lowers the barrier for Japanese retail investors to gain regulated crypto exposure, expanding the market’s breadth and prompting traditional finance to compete with pure‑play crypto platforms. It also signals Japan’s broader shift toward integrating digital assets into mainstream investment frameworks.

Key Takeaways

• SBI and Rakuten developing crypto trusts for retail investors
• Products will be sold via existing securities accounts, bypassing exchanges
• Nomura, Daiwa, SMBC, Mizuho exploring funds pending regulatory approval
• FSA plans to amend Investment Trust Act by 2028 to include crypto
• Spot crypto ETFs could launch in Japan as early as 2028

Pulse Analysis

Japan’s financial landscape is undergoing a pivotal transformation as regulators move to classify cryptocurrencies alongside stocks and bonds. The amendment of the Financial Instruments and Exchange Act and the forthcoming revision of the Investment Trust Act signal a clear intent to bring digital assets under the same supervisory umbrella as traditional securities. This regulatory alignment not only reduces compliance uncertainty for institutions but also creates a more familiar framework for investors accustomed to conventional asset classes.

Within this evolving environment, SBI Securities and Rakuten Securities are leading the charge by developing crypto investment trusts that can be accessed through existing brokerage accounts. By leveraging in‑house asset‑management subsidiaries, these firms aim to offer Bitcoin and Ethereum exposure via both exchange‑traded funds and traditional trusts, all tradable through smartphone apps. This approach eliminates the need for separate exchange registrations or wallet setups, effectively streamlining the investor journey and broadening participation among Japan’s sizable retail market.

The broader industry response—spanning Nomura, Daiwa, SMBC and Mizuho—underscores the growing appetite for regulated crypto products. As the FSA’s 2028 timeline approaches, the prospect of spot crypto ETFs could further democratize access, positioning Japan as a regional hub for digital‑asset investment vehicles. For investors, the shift promises greater liquidity, enhanced custodial safeguards, and the comfort of operating within a well‑established securities infrastructure, while firms stand to capture new fee revenue streams in an increasingly competitive space.