Bitcoin and Ethereum Headed to Japan's Mainstream With SBI, Rakuten

SBI and Rakuten Move First, Nomura Waits on Rules

Japan's largest brokerages are preparing to bring regulated crypto exposure to millions of retail investors, with two of the country's biggest online securities firms already building products in-house. SBI Securities and Rakuten Securities plan to begin selling cryptocurrency investment trusts, while Nomura Securities and other major players are considering entering the field after the regulatory framework is established.

SBI Securities will distribute funds built by group company SBI Global Asset Management, with the planned lineup spanning both ETFs and investment trusts tied to liquid assets such as Bitcoin $BTC and Ether $ETH. Rakuten Securities is taking a similar approach, working with Rakuten Investment Management to build products tradeable directly through smartphone apps.

In a Nikkei survey of 18 companies, another 11 firms, including Nomura Securities, Daiwa Securities and Mizuho Securities, said they plan to consider entering the market when the regulatory process is finished. SMBC Group, including SMBC Nikko, has set up a cross-group task force to evaluate its options, while Asset Management One, under Mizuho Financial Group, has begun preliminary exploration.

What Changes for Japanese Retail Investors

Today, buying digital assets in Japan typically requires opening a dedicated exchange account or setting up a wallet, while investment trusts could be held through existing brokerage accounts already used for stocks and bonds. That shift would bring Bitcoin and Ethereum exposure into the same interface millions of Japanese investors already use for equities and mutual funds.

The move comes against a backdrop of significant regulatory change. In April 2026, Japan's government approved a bill to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, moving them out of the payments category. If parliament passes the bill during the current session, the rules are expected to take effect in fiscal 2027.

Japan Exchange Group Chief Executive Hiromi Yamaji told Bloomberg in late April that the Tokyo Stock Exchange could list crypto ETFs as early as 2027 if legal reforms and tax treatment are finalised in the current Diet session, pulling forward an earlier Nikkei timeline of 2028.

Tax reform is also part of the picture. The proposed legislation would cut the tax rate on cryptocurrency gains to 20%, matching the rate applied to stocks and bonds. Currently, Japanese investors can face a tax rate as high as 55% on crypto profits. A reduction of that scale could substantially widen the pool of retail investors willing to participate.

Sources:
Nikkei Asia: Japan's SBI, Rakuten to sell crypto investment trusts developed in-house
The Block: Japan's SBI, Rakuten developing crypto investment trusts in-house
CoinDesk: Japan's SBI Securities, Rakuten Securities to offer crypto investment trusts, ETFs