Japan’s Biggest Asset Managers Eye Launch Of Nation’s First Crypto Trusts

What Happened

Japan’s largest asset management firms are preparing to launch the country’s first cryptocurrency investment trusts as regulators move toward a major overhaul of how digital assets are treated under financial law.

Japan’s top asset managers are preparing crypto investment trusts ahead of expected 2026 regulatory changes.

The FSA plans to reclassify crypto under financial securities law, allowing investment trusts and lowering taxes.

Japan Plans 2026 Rule Change to Allow Crypto in Investment Trusts

Under current rules, cryptocurrencies cannot be included in investment trusts, largely due to restrictions in the Act on Investment Trusts and Investment Corporations.

The FSA, however, aims to reclassify crypto under the Financial Instruments and Exchange Act by 2026, granting the asset class the same investor protections as stocks and bonds.

If the legislation passes, the FSA is expected to amend the Investment Trust Act soon afterward, a move that would formally open the door for cryptocurrency investment trusts in Japan.

SBI Global Asset Management is positioning itself aggressively. The firm plans to launch Bitcoin and Ethereum ETFs, as well as multi-asset crypto trusts, targeting ¥5 trillion ($32 billion) in assets under management within three years of rollout.

President Tomoya Asakura said crypto products could become a key vehicle “to move money from savings to investments,” aligning with Japan’s long-standing policy push to activate household capital.

Mitsubishi UFJ Asset Management and Amova Asset Management are also evaluating fund lineups for both retail and institutional investors.

Still, practical challenges remain. Asset managers must determine pricing benchmarks, ensure they can acquire crypto quickly enough to match investor flows, and put robust custody and security systems in place. The volatility of digital assets also looms large.

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Market Context

Other firms are rapidly building internal capacity.

“Bitcoin’s price swings are orders of magnitude larger than those seen in stocks, bonds and gold,” warned Daisuke Motori of Morningstar Japan, urging careful portfolio sizing.

As reported, Japan is preparing a major reset of its crypto rulebook, moving to treat digital assets as financial products subject to insider trading laws and to lower the tax burden on profits.

Why It Matters

Despite the risks, optimism is high.

Details

Key Takeaways:

SBI Global is leading the push, targeting ¥5 trillion in crypto AUM with new ETFs and multi-asset trusts.

A survey by Nikkei found that six major players, including Daiwa Asset Management, Asset Management One, Amova, and Mitsubishi UFJ, are now exploring crypto trust products ahead of an anticipated regulatory shift by the Financial Services Agency (FSA).

The regulator is also weighing a tax overhaul that would apply a 20% financial income tax to crypto gains, replacing the current rate that can climb as high as 55%.

The US has already set a precedent with BlackRock’s Bitcoin ETF reaching $90 billion in assets by September, while Japan now counts roughly 13 million crypto accounts held through local exchanges.

Japanese Asset Managers Build Crypto Fund Teams Ahead of Rule Shift

Nomura Asset Management has formed a cross-division task force to prepare product strategies for a post-regulatory-change environment, while Daiwa Asset Management is coordinating closely with ETF specialist Global X Japan.

The Financial Services Agency is drafting measures that would cover 105 cryptocurrencies listed domestically, including Bitcoin and Ethereum.