Crypto exchange-traded funds (ETFs) could be listed in Japan in 2028, the Nikkei reported on Monday, without saying where it got the information.
The regulator, the Financial Services Agency (FSA), plans to allow cryptocurrencies as specified assets for ETFs under the Investment Trust Act, Nikkei said, adding that wealth management experts estimated crypto ETFs in Japan could reach 1 trillion yen ($6.4 billion).
A 2028 debut is later than reported by Reuters in November. The news organization said the FSA was refining rule changes that would allow crypto trading services and ETFs to come into effect in 2026 or 2027 after approval by parliament.
The regulator did not respond to a CoinDesk request for confirmation sent after Tokyo business hours.
An introduction in two years would leave the Japanese market about four years behind the US Spot bitcoin ETFs began trading there in January 2024 and now have $116 billion in assets, according to SoSoValue data. Spot ether ETFs, which debuted later, have $18 billion.
Japan’s Finance Minister Satsuki Katayama said two weeks ago that she fully supports the integration of crypto trading services on the country’s exchanges. She proclaimed 2026 as the “digital year”.
Katayama said regulated venues will play a central role in expanding crypto adoption. She talked about crypto exchange traded funds in the US and the benefits they offer as an inflation hedge.
In August, SBI Holdings filed for a dual-asset crypto ETF in Japan that would provide direct exposure to both bitcoin BTC and XRP, in a rare instance where XRP is formally bundled with BTC in an institutional-grade product. Nomura Holdings also expressed interest in developing crypto ETFs.
Any ETFs must be approved for listing by the Tokyo Stock Exchange.
