Japan's two biggest online brokerages — SBI Securities and Rakuten Securities — are planning to offer crypto investment trusts, marking a significant shift in how traditional financial firms in the country approach digital assets. The announcements come as a separate survey of 13 companies found that 11 others would consider launching similar funds once Japan's regulators set clearer rules.
Who's moving first
SBI Securities and Rakuten Securities both confirmed this week they will set up vehicles that let investors buy into baskets of cryptocurrencies through a trust structure. Neither firm gave a launch date, but the moves signal that Japan's established finance sector sees demand for regulated crypto exposure beyond direct coin trading.
SBI already runs a crypto exchange, SBI VC Trade, and has been one of the more aggressive traditional players in digital assets. Rakuten also operates a crypto exchange. Offering investment trusts lets them package assets in a way that may appeal to more conservative retail clients and institutional money.
The waiting list
A survey conducted by a local industry group (the facts don't name it, but it's a Japanese financial association) polled 13 companies about their crypto fund plans. Eleven said they would enter the space once the regulatory environment firms up. That leaves only two that explicitly declined or said they have no plans.
The hold-up isn't a ban — Japan's Financial Services Agency already allows crypto ETFs and trusts, but the approval process and disclosure requirements remain vague in spots. Firms want the FSA to spell out custody rules, valuation methods, and investor-protection standards before they commit capital to product development.
Why now
The timing makes sense. Japan has had a licensing system for crypto exchanges since 2017 — one of the first in the world — and the FSA has been gradually warming to investment products. Last year the regulator approved a handful of crypto index funds, but mostly for professional investors. The new trust structure could open the door to retail participation.
SBI and Rakuten are betting that investors want a simple, regulated wrapper. Buying a trust means no wallet management, no private keys, no worrying about exchange hacks — at least not directly. The trust handles the custody. That's a pitch that works well in Japan, where the population tends to favor safety over speculation.
Neither SBI nor Rakuten has filed formal applications yet, but the public statements suggest paperwork is coming soon. The other 11 firms are watching. If the FSA issues clearer guidelines within the next few months, the number of Japanese crypto trusts could jump quickly. If the regulator drags its feet, this may stay a two-company race for a while.
Japan's crypto market has been stable but not explosive. These trust products could change that — or they could fizzle if the fees are high and the returns are low. The next concrete deadline: Japan's financial industry typically updates its business-season calendar in June, so an FSA guidance document could arrive by late summer.
