Japan’s regulators are reportedly preparing to approve the country’s first cryptocurrency exchange-traded funds (ETFs) by 2028. The Financial Services Agency (FSA) has unveiled plans to add digital assets to the list of “specified assets” eligible for investment trusts.

The move, reported by Nikkei, aims to provide retail investors with a regulated, simplified gateway to a $3 trillion global market already embraced by major international institutions. The new framework would allow bitcoin and other cryptocurrencies to be traded on the Tokyo Stock Exchange alongside traditional stocks.

Major financial players such as Nomura Holdings and SBI Holdings are poised to launch Japan’s debut crypto ETFs. Analysts estimate these domestic products could eventually attract as much as $6.4 billion (1 trillion yen) in assets, mirroring a global trend in which U.S. spot bitcoin ETFs have already amassed roughly $120 billion.

Japan’s path toward crypto ETFs marks a significant departure from its historically conservative stance. For years, the FSA maintained a wait-and-see approach, shaped by high-profile hacks such as Mt. Gox in 2014 and Coincheck in 2018.

Until recently, Japanese law did not recognize cryptocurrencies as securities, effectively barring them from inclusion in ETFs. The FSA focused almost exclusively on consumer protection through strict asset segregation and cold wallet storage requirements for exchanges.

Japan’s tax code, which treats crypto gains as miscellaneous income taxed at rates as high as 55%, was another major deterrent. In contrast, traditional stocks and ETFs are taxed at a flat 20%. The FSA’s new proposal aims to reclassify crypto under the Financial Instruments and Exchange Act to align its tax treatment with traditional equities.

The pivot follows the 2024 approval of spot crypto ETFs in the United States and Hong Kong. As pension funds and university endowments began integrating bitcoin into their portfolios, Japanese policymakers feared the country could fall behind in the regional race for financial innovation.

While the FSA is opening the door, it is not lowering its guard. The proposal includes stronger safeguards to protect investors from the sector’s volatility, with expected measures such as strict custodial requirements and enhanced transparency for the underlying assets held by the funds.

• When will Japan approve crypto ETFs? Japan aims to greenlight its first crypto ETFs by 2028.
• Who regulates crypto ETFs in Japan? The Financial Services Agency (FSA) oversees the framework and investor safeguards.
• Which firms plan to launch ETFs? Nomura Holdings and SBI Holdings are preparing Japan’s debut crypto ETFs.
• How big could the market be? Analysts project up to $6.4 billion in domestic assets, echoing global ETF growth.

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