Japan’s biggest brokerages — SBI, Rakuten, and Nomura — are drawing up plans to launch crypto investment trusts aimed squarely at retail investors. The move comes as Japanese regulators signal they intend to formally allow crypto-holding funds by 2028, a shift that could open the country’s massive retail savings market to digital assets.
Who’s in the lineup
SBI, Rakuten, and Nomura are the three names on the table so far. Each is among the largest securities firms in Japan, and each already has some crypto exposure — SBI runs a crypto exchange, Rakuten has a wallet service, and Nomura has a digital-asset subsidiary. Now they’re looking to package crypto holdings into trust structures that retail investors can buy through ordinary brokerage accounts. That’s a first for Japan’s retail market.
The regulatory timeline
Japanese authorities are inching toward formal approval. The current plan calls for regulators to officially allow crypto-holding funds by 2028. That’s not a firm deadline — rulemaking in Japan tends to move deliberately — but it’s the first concrete date the government has attached to the idea. The fact that brokerages are already designing products suggests they expect the path to stay clear.
What this means for retail
Right now, Japanese retail investors who want crypto have to buy it directly on exchanges, dealing with wallets, private keys, and exchange risk. A trust structure changes the math. It’s a familiar wrapper — same as a stock or bond fund — and it comes with custody handled by the brokerage. For a country where households hold roughly ¥2 quadrillion in financial assets, mostly in cash and deposits, that kind of on-ramp matters.
The timing isn’t accidental. Japan has been warming to crypto regulation for a few years, and the 2028 target gives the industry room to build compliance frameworks. Brokerages want to be ready the day the door opens.
What’s next
SBI, Rakuten, and Nomura haven’t filed prospectuses yet. The next concrete step will be a formal consultation from Japan’s Financial Services Agency, expected later this year. That document should lay out the exact rules for fund structures, custody requirements, and investor disclosures. Until then, the brokerages are working on the architecture — and waiting.
