Japan’s top brokerages roll out crypto investment trusts for retail

SBI Securities and Rakuten Securities will soon offer crypto investment trusts that let ordinary Japanese investors gain exposure to Bitcoin and Ethereum through their existing securities accounts, bypassing the need for separate exchange accounts [1]. Both firms are building the products in‑house: SBI will use funds created by its affiliate SBI Global Asset Management, while Rakuten is partnering with Rakuten Investment Management to launch trusts that can be bought and sold via the broker’s smartphone app [2].

The move follows a wave of regulatory preparation. Japan’s Financial Services Agency is revising the Investment Trust Act’s enforcement order so that, by 2028, investment trusts may hold cryptocurrencies as specified assets [1]. A separate bill that reclassifies crypto as a financial instrument under the Financial Instruments and Exchange Act could take effect in fiscal 2027, putting digital assets on the same legal footing as stocks and bonds [1]. These changes would open the door not only to trusts but also to spot crypto ETFs, which major groups such as Nomura and SBI Holdings are already eyeing [1].

Beyond SBI and Rakuten, a Nikkei survey of 18 large securities firms found that 11 would consider launching similar trusts once the regulatory framework is finalized [2]. Nomura, Daiwa, SMBC and Mizuho‑linked Asset Management One have all signaled intent, and SMBC Nikko has even set up a DeFi Technology Department to explore crypto opportunities from a securities‑company perspective [2]. SBI’s presentation cited roughly 14 million crypto‑asset accounts in Japan, suggesting a sizable pool of users who could migrate from exchange‑based trading into regulated fund wrappers if tax and product rules become favourable [2].

For retail investors, the trusts promise a familiar investment experience: they can be bought, held and sold through the same brokerage platform used for equities, eliminating the technical hurdles of wallet management and exchange registration. This could broaden crypto participation in a market where buying digital assets currently requires a dedicated exchange account, a barrier that has kept many investors on the sidelines.

If the reforms materialise as expected, Japan could become one of the few jurisdictions where crypto exposure is offered through traditional investment‑trust structures, potentially setting a template for other markets. The real question now is how quickly the brokerages can translate regulatory green lights into market‑ready products and whether investors will shift their substantial crypto holdings into these new, regulated vehicles.