Japan’s financial landscape is on the cusp of a significant transformation as two of its largest online brokerage powerhouses, SBI Securities and Rakuten Securities, prepare to usher in a new era of digital asset investment. According to a compelling report by Nikkei Asia, both firms are poised to launch proprietary “cryptocurrency investment trusts,” making direct sales to the vast pool of retail investors.
This strategic move is set to redefine how everyday Japanese investors engage with the burgeoning crypto market. SBI Securities, through its subsidiary SBI Global Asset Management, is meticulously crafting a diverse product line. This will encompass exchange-traded funds (ETFs) and investment trusts designed to directly track highly liquid digital assets such as Bitcoin and Ethereum. The entire process, from conceptualization and development to distribution and sales, will be meticulously managed within the SBI Group, ensuring seamless integration and control.
Rakuten Securities is mirroring this innovative approach. Leveraging its affiliate, Rakuten Investment Management, the firm is developing a suite of crypto investment products. Future investors will gain unprecedented ease of access, able to buy and sell these products directly through the intuitive Rakuten Securities App, integrating digital assets into their existing investment routines.
Industry experts view this “internal trust” strategy as a shrewd maneuver for Japan’s major brokerages. Rather than engaging in direct market competition, these firms can capitalize on their robust distribution networks and established client bases. This allows them to generate substantial management fees and commissions while cleverly sidestepping the inherent price volatility risks associated with directly holding crypto assets on their balance sheets.
The appetite for crypto investment products extends far beyond these two giants. A Nikkei survey of 18 leading Japanese brokerages revealed that a remarkable 11 firms are actively considering launching cryptocurrency trust products once regulatory clarity emerges. Already, financial titans like Nomura Securities and Daiwa Securities have announced internal initiatives to develop crypto trust offerings. Sumitomo Mitsui Financial Group (SMBC) has even established a dedicated inter-departmental task force, and Asset Management One, under the Mizuho Financial Group, has commenced preliminary research, signaling a broad industry-wide embrace of digital assets.
The regulatory environment is rapidly evolving to support this shift. Japan’s Financial Services Agency (FSA) is diligently revising the enforcement order of the Investment Trust Act. The ambitious goal is to officially classify cryptocurrencies as “specific assets” eligible for inclusion in investment trusts by 2028. Further bolstering this framework, Japan’s cabinet passed a landmark bill in April, proposing to re-integrate cryptocurrencies under the jurisdiction of the Financial Instruments and Exchange Act (FIEA). Should this bill successfully navigate the current Diet session, it could take effect as early as fiscal year 2027, bestowing upon cryptocurrencies the same regulatory treatment and tax considerations as traditional stocks and bonds.
SBI Global Asset Management has articulated an exceptionally ambitious vision, aiming for an astounding 5 trillion Japanese Yen (approximately $32 billion USD) in assets under management (AUM) within three years of product launch. This represents one of the most aggressive expansion targets within Japan’s wealth management sector. Beyond this, SBI is also pioneering the development of a “Bitcoin and Ripple (XRP) dual ETF” and an innovative “gold plus cryptocurrency” hybrid product, both currently awaiting crucial regulatory approval.
Historically, Japanese investors seeking exposure to digital assets have been limited to opening accounts with cryptocurrency exchanges or managing their own crypto wallets. The forthcoming era promises a dramatically simplified pathway: investors will soon be able to seamlessly hold crypto asset trusts through their existing securities accounts, the very same ones used for trading stocks and bonds. This fundamental shift is poised to significantly lower the barrier to entry for mainstream investors.
Adding to the excitement, the listing timeline for Japanese cryptocurrency ETFs might be accelerated. Hiromi Yamaji, CEO of the Japan Exchange Group (JPX), disclosed to Bloomberg in late April that if critical tax and legal reforms are finalized during the current Diet session, the Tokyo Stock Exchange (TSE) could potentially welcome cryptocurrency ETFs as early as 2027—a full year ahead of initial projections. Market observers widely anticipate that Nomura and SBI Holdings are strong contenders to be among the first to list these groundbreaking ETFs.
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