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Japan’s Financial Services Agency is considering adding cryptocurrencies to the list of assets eligible for spot exchange-traded fund (ETF) products. Nikkei reported Monday that Japan would likely approve its first set of spot crypto ETFs as early as 2028. If approved, this would end the agency’s ban on spot crypto ETFs.
This further extends the expected timeframe for a potential crypto ETF launch in Japan. A KPMG Japan executive claimed in August 2025 that a Bitcoin ETF launch would likely be delayed until 2027.
Besides, Hajime Ikeda, the Executive Officer of Nomura Holdings, pointed to a survey at the time, noting that over 60% of Japanese investors express a desire to invest in cryptoassets “in some form or other.”
That said, the recent move by the Japanese regulator to launch spot crypto ETFs would address growing investor demand for access to crypto.
Nomura, SBI Holdings Poised to Create Japan’s First Crypto ETFs
Per the Nikkei report, Japan’s largest asset manager Nomura Holdings and financial services giant SBI Holdings have been developing related ETF products that await approval for listing on the Tokyo Stock Exchange.
If approved, the crypto ETFs would allow investors to trade digital assets similar to stocks or gold ETFs.
Last year, SBI Holdings confirmed plans to launch its XRP ETFs upon regulatory greenlight. In a presentation published in August, SBI revealed plans to launch two ETFs. The first product is a Gold and Crypto Assets ETF that will invest 49% of its assets in Bitcoin (BTC), while the second will be a Bitcoin and XRP ETF that will offer exposure to these two tokens.
The U.S. and Hong Kong already approved their first spot crypto ETFs in 2024.
Japan Finance Minister Supports Crypto Trading With Stock Exchanges
Japan’s Finance Minister Satsuki Katayama recently touted that 2026 would be the “digital year,” expressing support to crypto trading at stock exchanges.
Per Japanese crypto news site Coinpost, Katayama pointed to how crypto investment products have gained traction in the West.
“In the U.S., through ETF structures, they have spread as a means of hedging against inflation, and similar efforts are expected in Japan,” she said.
