Japan’s Largest Brokerages Move Deeper Into Crypto
According to a report from Nikkei Asia, SBI Securities and Rakuten Securities are both building crypto investment products internally rather than relying on external issuers.
The move signals a major shift in Japan’s financial sector as traditional brokerages increasingly prepare for regulated crypto investing to enter the mainstream market.
SBI Securities plans to distribute crypto investment products created by its group company, SBI Global Asset Management. The planned lineup reportedly includes both exchange-traded funds (ETFs) and investment trusts linked to major digital assets like Bitcoin and Ethereum.
Rakuten is taking a similar approach through Rakuten Investment Management, with products expected to be integrated directly into the company’s mobile investment platform.
Japan’s Regulatory Shift Is Driving the Expansion
The developments come as Japan moves closer to fully integrating crypto assets into its traditional financial system.
The country’s Financial Services Agency is reportedly preparing revisions to the Investment Trust Act by 2028 that would officially allow cryptocurrencies to be treated as approved assets within investment trusts.
Separately, Japan’s cabinet approved legislation earlier this year that would reclassify cryptocurrencies under the Financial Instruments and Exchange Act. If passed during the current Diet session, crypto would eventually fall under the same regulatory structure used for stocks and bonds starting as early as fiscal 2027.
That legal clarity is encouraging major financial institutions to aggressively prepare products before the market officially opens.
More Japanese Financial Giants Are Entering the Market
SBI and Rakuten are not alone.
Among 18 major brokerage firms surveyed by Nikkei, 11 reportedly said they are considering launching crypto investment trusts once regulations are finalized.
Nomura Securities and Daiwa Securities have already announced internal crypto fund development plans, while SMBC Group has reportedly formed a cross-company crypto task force.
Meanwhile, Mizuho Financial Group subsidiary Asset Management One has begun preliminary research into crypto investment products.
The coordinated push from Japan’s traditional financial sector highlights how rapidly institutional attitudes toward digital assets have changed in the country over the past two years.
SBI Targets Massive Crypto Fund Growth
SBI appears to have some of the most ambitious plans in the market.
Earlier reports indicated that SBI Global Asset Management is targeting roughly 5 trillion yen - around $32 billion - in managed crypto-related assets within three years after launch.
The company has also outlined plans for a combined Bitcoin-and-XRP ETF, alongside a hybrid gold-and-crypto investment product pending regulatory approval.
Those offerings could eventually become some of the first fully regulated crypto ETF-style products available to Japanese retail investors.
Retail Investors Could Gain Easier Crypto Access
The rollout of investment trusts would significantly simplify crypto investing for ordinary Japanese consumers.
Currently, buying digital assets in Japan often requires opening separate crypto exchange accounts or managing external wallets. Under the new model, investors would be able to gain crypto exposure directly through the same brokerage accounts already used for stocks, bonds, and mutual funds.
Rakuten’s smartphone integration strategy could further accelerate retail adoption by embedding crypto investment products into familiar financial apps already used by millions of customers.
Tokyo Stock Exchange Could See Crypto ETFs by 2027
Momentum is also building around crypto ETF listings in Japan.
According to comments made in April by Hiromi Yamaji, the Tokyo Stock Exchange could begin listing crypto ETFs as early as 2027 if tax reforms and legal updates are completed on schedule.
That timeline is earlier than previous industry expectations, which initially targeted 2028 for crypto ETF approvals.
Industry analysts expect SBI and Nomura to lead the first wave of Japanese crypto ETF listings once the framework becomes operational.
Traditional Finance Still Remains Cautious
Despite the aggressive expansion plans, not every Japanese financial giant is fully embracing crypto risk exposure.
Nomura’s crypto trading subsidiary, Laser Digital, recently reported losses tied to market volatility, prompting the company to reduce some direct trading exposure earlier this year.
Still, firms appear increasingly comfortable offering crypto investment products through fee-based brokerage models rather than taking direct balance-sheet risk.
That strategy allows Japan’s largest financial institutions to participate in crypto adoption while limiting exposure to market swings.
