Crypto exchange-traded funds (ETFs) could be listed in Japan in 2028, Nikkei reported Monday, without specifying where it obtained the information.
The regulator, the Financial Services Agency (FSA), plans to allow cryptocurrencies as specified assets for ETFs under the Investment Trust Law, Nikkei said, adding that asset management experts estimate that crypto ETFs in Japan could reach 1 trillion yen ($6.4 billion).
A 2028 start is later than Reuters reported in November. The news agency said the FSA was refining rule changes that would allow cryptocurrency trading services and ETFs to come into force in 2026 or 2027 following approval by Parliament.
The regulator did not respond to a request for confirmation from CoinDesk sent after Tokyo business hours.
An introduction in two years would leave the Japanese market around four years behind the US Bitcoin spot. ETFs began trading there in January 2024 and now hold $116 billion in assets, according to SoSoValue data. Ether Spot ETFs, which debuted later, have $18 billion.
Japanese Finance Minister Satsuki Katayama said two weeks ago that she fully supports the integration of cryptocurrency trading services by the country’s exchanges. She billed 2026 as “the digital year.”
Katayama said regulated sites will play a central role in expanding crypto adoption. She talked about exchange-traded funds in the United States and the benefits they offer as a hedge against inflation.
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 officially bundled with BTC in an institutional grade product. Nomura Holdings has also expressed interest in developing crypto ETFs.
The listing of any ETF will need to be approved by the Tokyo Stock Exchange.
