SBI, Rakuten and Nomura push crypto investment trusts as Japan targets 2028 rules
Japan’s major brokers are preparing crypto investment trusts as regulators move toward allowing funds to hold digital assets by 2028. SBI Securities and Rakuten Securities are developing in-house crypto investment trust products, with a focus on liquid exposure to Bitcoin (BTC) and Ether (ETH). Nomura is also studying a launch once the regulatory framework is clearer, while Daiwa, SMBC Group (including SMBC Nikko) and Asset Management One (Mizuho group) are evaluating or beginning early research.
For crypto traders, the key shift is distribution. Crypto investment trusts could bring BTC and ETH exposure to retail investors through mainstream brokerage accounts, reducing reliance on separate exchange accounts or self-custody wallets. The report also notes Rakuten’s interest in smartphone-app trading for these products.
This comes after Japan reclassified crypto as financial instruments under the Financial Instruments and Exchange Act, tightening market rules like disclosure and insider-trading restrictions. The Financial Services Agency is expected to revise the Investment Trust Act by 2028 to explicitly add cryptocurrencies as eligible assets, supporting a broader path that may also allow spot crypto ETFs around the same timeline.
Bullish
This news is broadly bullish for BTC and ETH because it points to a mainstream on-ramp via regulated broker channels. Crypto investment trusts scheduled around a 2028 rule change could increase steady retail demand and improve market liquidity by making BTC/ETH exposure easier to buy and hold without dealing with exchange accounts or self-custody. The prior reclassification of crypto as financial instruments also suggests a friendlier compliance environment, which tends to reduce headline risk and can attract more institutional participation over time.
In the short term, the effect may be more narrative than immediate because actual fund launches depend on final rule implementation and product approvals. Still, incremental expectations around Japan’s move toward ETFs and regulated wrappers can lift sentiment and support price action, especially during phases when traders price in regulatory clarity.