SBI and Rakuten Prepare Crypto Investment Trusts for Japan Retail Investors

Japan’s largest brokerages are preparing to sell cryptocurrency investment trusts to retail investors, according to a Nikkei Asia survey published on Sunday.

SBI Securities and Rakuten Securities plan to develop and distribute crypto investment trusts in-house, giving ordinary brokerage customers exposure to bitcoin and ethereum without requiring a separate exchange account or digital wallet.

BanklessTimes

The Financial Services Agency (FSA) is working to amend the Investment Trust Act so that cryptocurrencies qualify as specified assets eligible for investment vehicles, with a target date of 2028.

In April 2026, Japan’s government approved a bill to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, moving them out of the payments category.

If parliament passes the bill during the current session, the rules are expected to take effect in fiscal 2027, and the proposed legislation would cut the tax rate on cryptocurrency gains to 20%.

The Block said SBI Securities and Rakuten Securities are developing crypto investment trusts in-house and plan to sell them directly to retail investors, citing Nikkei.

The Block reported that SBI Securities will distribute funds built by group company SBI Global Asset Management, while Rakuten Securities is taking a similar in-house approach through Rakuten Investment Management.

Bitcoin News

The Block also said the products are designed to trade directly via smartphone app for Rakuten, and that the planned lineup spans both ETFs and investment trusts tied to liquid assets such as bitcoin and ether.

TronWeekly framed the same shift as an effort to remove a key barrier by enabling crypto exposure through standard securities accounts rather than requiring dedicated crypto exchanges or wallets.

TronWeekly added that the planned crypto investment trusts would be available through smartphone trading apps, and that investors could use securities accounts instead of crypto exchanges or wallets.

The Block said 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 that investment trusts can hold.

Cointelegraph reported that the move comes as regulators move to formally allow crypto-holding funds by 2028, with SBI Securities and Rakuten Securities already developing products in-house.

Cointelegraph also said Nomura and Daiwa have announced plans to develop crypto investment trusts within their respective groups, while SMBC Group has set up a cross-group task force and Asset Management One has begun preliminary exploration.

Bitcoin News | Western Alternative reported that Japan has maintained a regulated domestic crypto exchange sector for years, with licensed platforms including Bitflyer, Coincheck, and SBI VC Trade.

Bitcoin News | Western Alternative further said spot crypto ETFs listed on the Tokyo Stock Exchange remain a longer-term possibility pending FSA rule-setting, while surveys indicate nearly 80% of Japanese institutional investors plan to allocate 2% to 5% of their portfolios to crypto assets by 2029.