Japan’s Major Brokerages Ready Retail Crypto Funds Ahead of 2028 Rules

Japan’s major brokerages, led by SBI Securities and Rakuten Securities, are developing Bitcoin and Ethereum investment products targeted directly at retail investors. The move signals a broader push within traditional finance to offer digital asset exposure through standard brokerage accounts, bypassing the need for standalone crypto exchanges or self-hosted wallets.

The initial focus remains on Bitcoin and Ethereum—trading near $78,000 and $2,180 respectively—due to their deep liquidity and established institutional demand. By integrating these assets into existing securities platforms, brokerages aim to remove the technical and custody barriers that have historically sidelined everyday retail investors.

The momentum extends beyond SBI and Rakuten. Nomura and Daiwa are evaluating their own digital asset funds, SMBC Group has formed an internal working group, and Asset Management One is conducting preliminary research. A recent Nikkei survey indicates that 11 out of 18 major Japanese financial firms are prepared to enter the space once a legal framework is established, suggesting a pivot from viewing crypto as a speculative niche to treating it as a permanent asset class.

The timeline hinges on Tokyo’s regulatory agencies. Japan’s Financial Services Agency aims to revise the Investment Trust Act by 2028, officially permitting investment trusts to hold cryptocurrencies. Meanwhile, broader market reforms are already underway. In April, the government approved legislation to enhance market transparency, tighten conduct rules, and strengthen investor protections, with implementation expected in 2027.

Overseas momentum is heavily influencing Japan’s timeline. The success of U.S. spot Bitcoin ETFs, which have accumulated over $100 billion in net assets through early 2026, provides a proven, highly lucrative model. While Japanese regulators will likely proceed cautiously regarding tax frameworks and custody standards, the industry consensus is clear: traditional brokerages are preparing for a regulated, mainstream rollout of digital asset products.