Japan to approve its first crypto ETFs in 2028

Japan is preparing to launch its first cryptocurrency ETFs, with regulators aiming to open the market to these products as early as 2028. The Financial Services Agency plans to classify digital assets as an eligible underlying category for exchange-traded funds while strengthening investor-protection rules.

Nomura Holdings and SBI Holdings are expected to be the first providers, developing funds for listing on the Tokyo Stock Exchange. Approval for these products would mark one of the most significant capital-market reforms in Japan in the past decade.

Japan’s interest in crypto ETFs has grown following the success of similar products in the United States. U.S. spot bitcoin ETFs have accumulated more than $115 billion in net assets, about 6.5% of BTC’s total market capitalization. These funds have opened access to digital assets for pension funds, family offices, and university endowments, including Harvard. The streamlined U.S. listing process also enabled ETFs for XRP, Solana, Dogecoin, Chainlink, Litecoin, and Hedera to debut in late 2025.

Japan, Hong Kong, and South Korea are moving in the same direction: integrating regulated crypto investment products into their financial systems. Hong Kong introduced its ETFs in 2024, offering exposure to bitcoin, ether, and Solana, and allowing in-kind transactions with underlying assets.

South Korea expects to pass the Digital Asset Basic Act in the coming quarter, paving the way for its own spot crypto ETFs. The law will also establish a regulatory framework for the domestic stablecoin industry.

Japan, meanwhile, has already implemented formal rules for stablecoins and approved the country’s first yen-backed stablecoin. Hong Kong is preparing to license its first stablecoin issuers, and South Korea plans to develop a market for won-denominated stablecoins.

Tokyo’s strategy positions Japan alongside Asia’s major financial centers as they seek to replicate the U.S. ETF boom and attract institutional capital into regulated digital-asset markets. The launch of crypto ETFs in 2028 is expected to be a pivotal moment for the institutionalization of Japan’s crypto sector and a catalyst for accelerating the country’s digital-asset ecosystem.