Japan Considers Crypto ETFs by 2028, Nikkei Reports
Japan’s financial regulator is considering possible rule changes that could pave the way for cryptocurrency exchange-traded funds (ETFs). Local media reports that 2028 is being discussed as an early target. The move would allow Japanese retail investors to access Bitcoin (BTC) and other digital assets through traditional brokerage accounts, bringing Japan closer to markets such as the United States and Hong Kong, which have allowed spot crypto ETFs in 2024.
Regulatory Framework Changes
According to a report by Nikkei citing people familiar with the matter, Japan’s Financial Services Authority plans to change its regulatory framework to allow the inclusion of cryptocurrencies as eligible ETF assets, in addition to stronger investor protection mechanisms. Major financial conglomerates, including Nomura Holdings and SBI Holdings, are among the first companies expected to develop crypto-related ETF products.
The discussions reflect the regulator’s intent rather than a final policy shift. The FSA has not publicly confirmed a timeline, and any change would likely require formal consultations and revisions before crypto ETFs could be approved under existing Japanese rules. At the time of writing, crypto ETFs are still not available in Japan due to current policies restricting ETF-eligible assets.
Industry Positioning and Market Potential
SBI Holdings has already outlined plans to launch a crypto ETF in Japan. On August 6, 2025, the company announced plans to launch a Bitcoin-XRP dual ETF and a gold-crypto ETF structure. Nikkei estimates that Japanese crypto ETFs could ultimately reach 1 trillion yen in assets, worth about $6.4 billion. However, estimates are speculative and dependent on market conditions, investor demand, and final regulations.
Japan’s finance minister, Satsuki Katayama, has expressed support for exchanges as a gateway for digital assets. In a speech on January 5, Katayama said Japan needs to advance advanced fintech initiatives, noting that ETFs are used as an inflation hedge in the United States. “In the US, crypto assets are increasingly being used as an inflation hedge via ETFs, and Japan also needs to pursue advanced fintech initiatives,” she said.
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