Japan’s SBI & Rakuten Bitcoin and Ethereum Trusts, Boosted by FSA Crypto Rules

Japan’s SBI and Rakuten are preparing Bitcoin and Ethereum trusts, as reported by Nikkei. The products aim to give investors crypto exposure through existing brokerage accounts, reducing friction versus using exchanges and personal wallets. Other major firms, including Nomura, Daiwa, and Mizuho-linked institutions, are also studying similar brokerage-based crypto investment vehicles under Japan’s evolving Financial Services Agency (FSA) framework. A key new detail is the regulatory and demand backdrop. Japan approved reforms in April 2026 that bring major cryptocurrencies under the Financial Instruments and Exchange Act, strengthening disclosure, insider-trading controls, and investor protections. Retail sentiment also improved after crypto tax changes lowered the effective rate from as high as ~55% to a flatter ~20%. Separately, a 2026 Nomura survey found nearly 80% of professional investors plan crypto allocations between 2% and 5%. Traders should note that near-term launch could still be slower for ETFs, so the immediate price catalyst may be limited. But the Bitcoin and Ethereum trusts narrative supports a longer-term shift toward structured, portfolio-style allocation and potentially more stable liquidity inflows via mainstream rails.