Major Japanese brokerages are preparing to bring crypto mutual funds to retail investors, with SBI Securities and Rakuten Securities already developing products in-house, while others such as Nomura plan to enter the space once regulations are finalized.
SBI Securities plans to sell funds developed by the SBI Global Asset Management group, with products that include both ETFs and investment funds focused on liquid assets such as Bitcoin and Ethereum. according to Nikkei’s Sunday report. The group intends to manage everything internally, from product development to distribution.
Rakuten Securities is taking a similar approach, working with Rakuten Investment Management to create products that can be traded directly through smartphone apps, the report revealed.
The move would mark a significant change in the way ordinary Japanese investors approach crypto. Currently, buying digital assets requires opening a dedicated exchange account or setting up a wallet. Investment trusts would provide exposure to cryptocurrency through existing securities accounts, removing a key barrier to retail participation.
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Nomura, Daiwa, SMBC move towards crypto funds
Among the bigger names, Nomura and Daiwa have announced plans to develop crypto investment trusts within their groups, Nikkei reported. SMBC Group, including SMBC Nikko, has set up a task force to assess its options, while Asset Management One, under Mizuho Financial Group, has begun preliminary research.
The move comes as Japan’s Financial Services Agency intends to revise an order implementing the Investment Funds Act by 2028, which would officially add cryptocurrencies to the list of certain assets that investment funds can hold.
Last month, Japan officially reclassified crypto assets as financial instruments under the amended Financial Instruments and Exchange Act, placing them under the same regulatory umbrella as stocks and bonds. It is expected that the bill, if passed in the current parliamentary session, will enter into force in fiscal year 2027.
Related: SBI considers deal with Bitbank as Japan’s crypto exchange market consolidates
Japan allows spot crypto ETFs
Japan is also reportedly considering rule changes that could allow crypto ETFs as early as 2028, with major financial groups including Nomura Holdings and SBI Holdings among the first expected to develop such products.
SBI Holdings has already outlined plans for a dual Bitcoin-XRP ETF and a gold-crypto ETF, pending regulatory approval.
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