Japan could launch its first Bitcoin ETF by 2028, Nikkei reports

According to Nikkei, Japan's Financial Services Agency (FSA) is drafting rule changes that could allow the country's first crypto exchange-traded funds to launch as early as 2028. Crypto in Japan currently sits under the Payment Services Act, which doesn't let it be treated as an investment product the way stocks or gold are.

A law enacted on July 15, 2026 officially classifies cryptocurrencies as financial products for the first time. That clears the way for regulation to shift under the Financial Instruments and Exchange Act — the framework where Bitcoin and Ethereum ETF rules would actually be written.

Who's already preparing

• SBI Securities and Rakuten Securities — preparing crypto investment trusts
• Nomura, Daiwa, and SMBC-linked firms, plus Asset Management One
• SBI Global Asset Management — considering separate Bitcoin and Ethereum funds

How big the market could get

Nikkei estimates inflows into Japanese Bitcoin ETFs could reach ¥3 trillion (roughly $20 billion) by the end of fiscal 2028. The FSA reports more than 14 million domestic crypto accounts, with around 70% of holders earning under ¥7 million a year — meaning demand is expected to be driven mainly by retail investors rather than institutions, unlike the U.S. ETF model.

For now, Japan taxes direct crypto gains as miscellaneous income at rates up to 55%, versus roughly 20% for stocks and most ETFs. Regulators want that tax overhaul to land in the same year as the ETF launch, which is part of why both are pointing to 2028. We covered a related Japanese Bitcoin story earlier, on Metaplanet's push into Bitcoin-backed credit.

Nothing here should be taken as financial advice — just information to consider.