Japan’s Retail Investors May Soon Access Crypto Through… |

Why Are Japan’s Brokerages Moving Into Crypto Trusts?

Japan’s major brokerages are preparing to offer crypto investment trusts to retail investors, opening a potential new route into digital assets through conventional securities accounts rather than dedicated crypto exchanges or self-custody wallets. SBI Securities and Rakuten Securities are already developing products within their own groups, according to a Sunday report by Nikkei. Other large financial firms, including Nomura, Daiwa, SMBC Group and Asset Management One, are also moving toward the market as Japan’s regulatory framework takes clearer form. The change would be important for ordinary investors because crypto access in Japan still usually requires a separate exchange account or wallet setup. Investment trusts could let customers gain exposure to assets such as Bitcoin and Ethereum through brokerage platforms they already use for stocks, bonds and funds. That would lower a practical barrier to retail participation. It would also bring crypto distribution closer to Japan’s mainstream wealth management industry, where product design, suitability checks, custody, reporting and investor communication are handled through regulated financial groups.

How Are SBI and Rakuten Building Their Products?

SBI Securities plans to sell funds developed by group company SBI Global Asset Management. The products are expected to cover both ETFs and investment trusts focused on liquid crypto assets such as Bitcoin and Ethereum. The group intends to manage the full chain internally, from product development to distribution. That model gives SBI more control over fees, asset selection, customer access and compliance procedures. It also fits the group’s broader digital asset strategy, which has included exchange, custody and token-related initiatives across its financial businesses. Rakuten Securities is following a similar in-house path. The firm is working with Rakuten Investment Management on products that can be traded directly through smartphone apps, according to the report. That matters because retail crypto activity is heavily app-driven, and a brokerage account route could make the product feel closer to fund investing than exchange trading. For both firms, the business case is straightforward: crypto demand exists, but many customers may prefer access through familiar financial apps rather than crypto-native platforms. A regulated investment trust structure could capture that demand without requiring users to manage private keys or move money through specialist exchanges.

Investor Takeaway

Japan’s brokerage-led crypto products could widen retail access without turning every investor into a direct crypto exchange user. The main question is not demand. It is how quickly regulation gives brokers a final structure for trusts and ETFs.

What Are Nomura, Daiwa and SMBC Planning?

Nomura and Daiwa have both announced plans to develop crypto investment trusts within their groups, Nikkei reported. Their entry would give the market deeper institutional backing because both firms have large retail and wealth management networks in Japan. SMBC Group, including SMBC Nikko, has created a cross-group task force to assess its options. Asset Management One, under Mizuho Financial Group, has also started preliminary work. That shows the market is no longer limited to crypto-focused firms or early movers. Japan’s largest financial groups are preparing for a regulated product cycle, even if some are waiting for final rules before launching. The timing reflects a wider regulatory reset. Japan’s Financial Services Agency is moving to revise the enforcement order of the Investment Trust Act by 2028, which would formally add cryptocurrencies to the list of specified assets investment trusts can hold. Japan has also formally reclassified crypto assets as financial instruments under an amended Financial Instruments and Exchange Act, putting them under the same regulatory umbrella as stocks and bonds. If the bill passes in the current parliamentary session, it is expected to take effect in fiscal 2027.

Why Do ETFs Matter for Japan’s Crypto Market?

Japan is also considering rule changes that could allow spot crypto ETFs as early as 2028. That would add another layer to the market by giving investors exchange-traded products alongside investment trusts. Major financial groups including Nomura Holdings and SBI Holdings are expected to be among the early developers. SBI Holdings has already outlined plans for a Bitcoin-XRP dual ETF and a gold-crypto ETF, pending regulatory approval. ETFs would be especially relevant for liquidity and price access. Investment trusts can widen distribution through brokerage accounts, but spot ETFs could make crypto exposure easier to trade during market hours and easier to fit into broader portfolio models.