Major Japanese brokerages are preparing to make cryptocurrency mutual funds available 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 company, which include products ranging from ETFs to mutual funds focused on liquid assets such as Bitcoin and Ethereum. According to in Sunday’s Nikkei report. The group intends to handle everything from product development to distribution in-house.
The report shows that Rakuten Securities is taking a similar approach, working with Rakuten Investment Management to create products that can be traded directly through a smartphone app.
The move would mark a significant change in the way ordinary Japanese investors access cryptocurrencies. Currently, purchasing digital assets requires opening a dedicated exchange account or setting up a wallet. Investment trusts would enable cryptocurrency exposure through existing securities accounts, removing a key barrier to retail participation.
Related: Japan advises real estate and cryptocurrency sectors to tighten AML controls on real estate transactions
Nomura, Daiwa, SMBC are moving towards crypto funds
Among the bigger names, Nomura and Daiwa announced plans to develop crypto mutual funds within their groups, Nikkei reported. The SMBC Group, including SMBC Nikko, has formed a cross-group task force to evaluate available options, while Asset Management One, under Mizuho Financial Group, has begun an initial search.
The move comes as Japan’s Financial Services Agency is working to revise its enforcement order for the Investment Fund Law by 2028, which would formally add cryptocurrencies to the list of specified assets that mutual funds can hold.
Last month, Japan formally 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. The bill, if passed in the current session of the Legislature, is expected to take effect in fiscal year 2027.
Related: SBI is eyeing the Bitbank deal as Japan’s cryptocurrency exchange market consolidates
Japan will allow instant cryptocurrency ETFs
Japan is also reportedly considering rule changes that could allow cryptocurrency ETFs as early as 2028, with major financial groups including Nomura Holdings and SBI Holdings expected to be the first to develop such products.
SBI Holdings has already outlined plans for a dual Bitcoin-XRP ETF and a gold cryptocurrency ETF, pending regulatory approval.
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