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Japan retail crypto investing gets boost from broker trusts
SBI and Rakuten build crypto trusts as Japan finalizes retail rules. The shift could unlock institutional-style exposure for ordinary Japanese investors, changing the market structure.
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Japan is moving to make cryptocurrency investing accessible to ordinary retail investors through a structure that bypasses the complexity of direct exchange trading. Several of the country's largest brokerage firms, including SBI Securities and Rakuten Securities, are building in-house crypto investment trusts and exchange-traded products. Other major financial companies are holding back until the government finalizes the new regulatory framework.
Why This Changes the Retail Access Equation
The shift matters because it replaces the current retail entry point – direct purchase on crypto exchanges – with a trust-based wrapper that integrates into existing brokerage accounts. For most Japanese investors, buying Bitcoin or Ethereum through a securities account is simpler than opening a separate exchange wallet, dealing with private keys, or navigating tax reporting on each trade.
A trust structure also changes the custody and settlement mechanics. Instead of holding the underlying asset directly, investors own shares in a vehicle that holds the crypto. That shifts the counterparty risk from the individual to the trust operator, which must meet Japan's custody standards. The tax treatment may also differ: capital gains on trust shares could fall under securities tax rules rather than the more complex crypto tax regime.
SBI and Rakuten Lead the Infrastructure Build
SBI Securities is the most advanced. The firm already operates a crypto exchange through its SBI VC Trade subsidiary and has the balance sheet to seed a trust product. Rakuten Securities is developing its own vehicle, leveraging the group's existing crypto exchange, Rakuten Wallet. Both are betting that retail demand will follow the path of least resistance – a brokerage login rather than a separate exchange account.
The move mirrors what has happened in other markets where exchange-traded products for crypto first gained traction. In the United States, the approval of spot Bitcoin ETFs shifted billions in retail and institutional flows from direct holdings to fund structures. Japan's version could have a similar effect, though the scale will depend on the final rules.