Landmark Crypto ETF Approval Expected in Japan by 2028

Reports from Nikkei Asia indicate Japan will clear its first set of cryptocurrency exchange-traded funds around 2028. This approval would represent a watershed moment for digital asset regulation and accessibility in the nation.

This move hinges on a planned update by the Financial Services Agency to include cryptocurrencies in the list of permissible underlying assets for ETFs. The regulatory change will be paired with reinforced measures aimed at safeguarding investors.

Industry leaders Nomura Holdings and SBI Holdings are projected to be the first to launch such products. These crypto ETFs are intended for the Tokyo Stock Exchange, according to the report.

The Japanese initiative follows the remarkable performance of comparable products in the US. US spot Bitcoin ETFs have gathered net assets of $115.8 billion, which accounts for approximately 6.5% of Bitcoin’s total market capitalization.

The availability of US crypto ETFs has expanded institutional access to digital assets considerably. Participation now extends to pension funds, family offices, and major university endowments including Harvard’s.

Recent streamlining by US regulators for digital asset product listings has prompted a surge in filings for altcoin-based ETFs. Spot ETFs for XRP, Solana, and Litecoin launched in late 2025 as a result, with more anticipated.

Inspired by the US outcome, neighboring financial markets to Japan have already begun initiatives to replicate the successful crypto ETF framework.