Japan Eyes Crypto-Linked ETFs by 2028 Amid Regulatory Overhaul

Japan's Financial Services Agency is considering regulatory changes that could allow cryptocurrency exchange-traded funds (ETFs) by 2028, according to a Nikkei report. The proposed framework would add digital assets to the list of eligible ETF holdings while implementing stronger investor protections.

Nomura Holdings and SBI Holdings are expected to be among the first firms to develop crypto-linked ETF products if the regulations proceed. This would allow Japanese retail investors to gain regulated exposure to Bitcoin and other digital assets through traditional brokerage accounts.

The changes would bring Japan closer to markets like the United States and Hong Kong, which approved spot crypto ETFs in 2024. Industry positioning has already begun, with SBI Holdings revealing plans in August 2025 to launch a Bitcoin-XRP dual ETF and a gold-crypto ETF structure, pending regulatory approval.

The proposed timeline of 2028 represents an early target rather than a commitment, with actual implementation requiring multiple regulatory steps. Any changes would need to balance market access with investor protection mechanisms before crypto ETFs could receive approval under Japanese securities law.