Japan’s Financial Services Agency to Permit Spot Bitcoin ETFs by 2028
Japan’s FSA aims to classify cryptocurrencies as ETF-eligible assets by 2028, potentially unlocking $6.4 billion in market size with interest from SBI and Nomura.
Japan’s Financial Services Agency plans to allow cryptocurrency exchange-traded funds by 2028, revising the Investment Trust Act to classify digital assets as eligible for ETFs. SBI Holdings and Nomura Holdings have expressed interest in offering such products, and SBI has already filed for a dual-asset ETF tracking Bitcoin and XRP. Asset management experts estimate Japan’s crypto ETF market could reach 1 trillion yen ($6.4 billion). Any ETF listings would require approval from the Tokyo Stock Exchange. The timeline marks a later launch than earlier reports suggesting 2026–2027. Japan’s Finance Minister Satsuki Katayama recently voiced strong support for integrating crypto trading services into stock exchanges, calling 2026 the “digital year.”
- Spot Bitcoin ETF: An exchange-traded fund that holds actual Bitcoin rather than derivatives, giving investors direct exposure to its market price.
- Investment Trust Act: Japanese legislation governing investment trusts, which will be revised to include cryptocurrencies as specified assets.
- Japan Financial Services Agency (JFSA): A government body regulating securities, banking, and insurance sectors in Japan.