Japan’s largest online brokerages are preparing to bring crypto investment products into ordinary securities accounts, a move that could make Bitcoin and Ether exposure easier for retail investors to access without opening a separate crypto exchange account.
SBI Securities and Rakuten Securities are developing in-house cryptocurrency investment trusts, with products expected to focus on liquid assets such as Bitcoin and Ethereum. SBI plans to work through group company SBI Global Asset Management, while Rakuten is preparing products with Rakuten Investment Management and other group entities, including app-based access for investors.
The shift is important because it moves crypto closer to Japan’s mainstream brokerage infrastructure. Instead of requiring users to manage wallets, exchange accounts, deposits, private keys, or direct custody, investment trusts would let customers gain price exposure through familiar fund rails.
Other major securities firms are also watching the regulatory path. Nikkei’s survey of 18 major brokerages found that 11 would consider crypto-related products once rules are finalized. Nomura and Daiwa are preparing their own plans, while SMBC Group has created an internal task force and Mizuho-linked Asset Management One has begun early-stage review.
Regulation Remains The Gatekeeper
The products are still tied to Japan’s regulatory timeline. The Financial Services Agency said on April 10 that Japan’s Cabinet approved a bill to amend the Financial Instruments and Exchange Act and the Payment Services Act, including legal changes for crypto-asset rules, market fairness, transparency, and investor protection.
Japan has already been moving toward a broader framework that could allow crypto ETFs by 2028, including changes that would make crypto assets eligible for investment trust structures. That would put broker-sold crypto exposure closer to existing products such as stock funds, bond funds, REITs, and commodity-linked vehicles.
The timing also fits a larger retail-investor push. Reuters reported that Japanese investors’ crypto holdings surpassed 5 trillion yen in July 2025, while industry players have been positioning for possible tax changes, ETF access, and wider product distribution.
Why The Broker Push Matters
The strongest market impact would not come from one product launch alone. It would come from distribution. SBI and Rakuten already sit inside Japan’s retail investment ecosystem, giving crypto products a path into brokerage accounts where users are already buying funds, stocks, and other regulated investment products.
That changes the access problem. Direct crypto ownership still offers self-custody and onchain control, but it also requires users to manage wallet security, exchange risk, address mistakes, and withdrawal flows. A fund wrapper removes some operational friction while adding a different risk profile, including management fees, custody arrangements, tracking differences, issuer terms, and no direct control over the underlying coins.
For Bitcoin and Ethereum, the broker push adds another potential demand channel in a major savings market. For Japan’s regulators, it also raises the stakes around disclosure, custody, market manipulation controls, and investor suitability. The next concrete step is whether the rule changes move far enough by 2028 for SBI, Rakuten, Nomura, Daiwa, SMBC-linked firms, and Mizuho-linked managers to turn product preparation into approved funds available through standard brokerage accounts.
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