SBI Securities, Rakuten Securities eye crypto trusts in Japan

TOKYO – Japan’s SBI Securities and Rakuten Securities plan to launch cryptocurrency investment trust products that would give retail investors exposure to bitcoin and ethereum through ordinary brokerage accounts, according to reports from Nikkei Asia cited by industry outlets.

The products are expected to be developed in-house or through group asset management units, with SBI Securities working via SBI Global Asset Management and Rakuten Securities coordinating with Rakuten Investment Management, the reports said. The aim is to let customers invest in crypto without opening a separate exchange account or managing a digital wallet.

The move would mark another step toward mainstream adoption of digital assets in Japan, one of Asia’s most tightly regulated financial markets, where investor access to crypto has largely been confined to dedicated exchanges. By packaging bitcoin and ethereum into investment trusts, the brokerages could make crypto available alongside stocks, bonds and mutual funds in existing securities accounts.

Japan’s Financial Services Agency is considering changes to the legal framework that would allow cryptocurrencies to be treated as eligible assets for investment trusts, with some reports pointing to 2028 as a target for revisions to the Investment Trust Act enforcement regulations. Industry sources say the regulatory changes would also sit alongside broader efforts to clarify tax treatment for crypto-related gains.

Nikkei’s survey of 18 major securities firms found broader industry interest, with 11 others, including Nomura Securities, Daiwa Securities and Mizuho Securities, saying they would consider entering the market once the rules are finalized.

SBI Global Asset Management has reportedly set a target of about 5 trillion yen in assets under management within three years for the planned products, underscoring expectations that retail demand could be sizable if the funds receive approval. Rakuten Securities, which operates a widely used smartphone-based brokerage platform, is expected to use its app ecosystem to distribute the products.

The plans come as Japan’s regulators continue to refine oversight of digital assets. The country recently reclassified crypto assets as financial instruments under an amended Financial Instruments and Exchange Act, bringing them closer to other regulated investment products.

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