Report: SBI and Rakuten Build Crypto Trusts as 11 Japan Brokerages Eye Entry

"SBI Securities and Rakuten Securities plan to sell crypto investment trusts, opening bitcoin and ethereum to retail brokerage accounts. The products would give ordinary brokerage customers exposure to bitcoin and ethereum without requiring a separate exchange account or digital wallet. SBI Securities intends to sell funds built by its group company SBI Global Asset Management. The group plans to handle product development, ETF structuring, and distribution entirely within its own ecosystem."

"Rakuten Securities is taking a similar approach, as Nikkei Asia contributors Miyu Fukawa and Shogo Furuta detailed. The firm is working with Rakuten Investment Management to make cryptocurrency investment trusts available through its smartphone app. Nikkei Asia surveyed 18 major Japanese securities firms and found broad interest. Nomura Securities, Daiwa Securities, SMBC Nikko Securities, Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, and seven others said they would consider offering such products once regulations are finalized."

"The Financial Services Agency (FSA) is working to amend the Investment Trust Act so that cryptocurrencies qualify as specified assets eligible for investment vehicles, with a target date of 2028. That change would allow brokerages and asset managers to legally hold crypto inside fund structures. Japan's FSA targets 2028 for Investment Trust Act revisions, with a proposed 20% tax rate replacing the current 55% cap."

"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 expec"

SBI Securities and Rakuten Securities plan to offer crypto investment trusts that provide retail brokerage customers exposure to bitcoin and ethereum without requiring separate exchange accounts or digital wallets. The Financial Services Agency is targeting 2028 for revisions to the Investment Trust Act so cryptocurrencies qualify as specified assets eligible for investment vehicles, allowing legal holding of crypto inside fund structures. A proposed tax rate of 20% would replace the current 55% cap. Nomura, Daiwa, and other major securities firms plan to evaluate crypto fund offerings after Japan finalizes its regulatory framework. Japan also approved a bill in April 2026 to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, moving them out of the payments category.

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