Japan’s Financial Regulator Eyes 2028 for Crypto ETF Debut
According to a Nikkei Asia report, Japan could see its first batch of crypto exchange-traded funds receive approval in 2028. This timeline sets the stage for a major evolution in the country’s investment product offerings.
The plan involves the Financial Services Agency expanding the classification of base assets for ETFs to include cryptocurrencies. Parallel upgrades to investor protection frameworks are also reportedly in the works.
Two of Japan’s most prominent financial institutions, Nomura Holdings and SBI Holdings, are positioned to be the first issuers. Their proposed crypto ETFs are destined for the Tokyo Stock Exchange, the report notes.
The push in Japan draws direct inspiration from the triumph of crypto ETFs in the US. Notably, US spot Bitcoin ETFs now hold $115.8 billion in net assets, equating to roughly 6.5% of Bitcoin’s total market value.
Access to Bitcoin and other digital assets for institutions has widened considerably due to US ETFs. Pension funds and academic endowments, such as Harvard’s, are among the participants that have entered the space.
A more efficient approval pathway in the US has recently led to a wave of filings for ETFs based on alternative cryptocurrencies. Late 2025 saw the arrival of spot ETFs for assets like XRP, Chainlink, and Litecoin.
