Japan to Greenlight First Crypto ETFs in 2028: Report

Highlights:

• Japan plans to approve its first crypto ETFs in 2028, strengthening markets.
• Nomura and SBI are expected to lead Japan’s crypto ETF launches on the Tokyo Stock Exchange. 
• Hong Kong and South Korea advance crypto ETFs, increasing pressure on Japan.

Japan is preparing to approve its first crypto exchange-traded funds (ETFs) in 2028, according to a Nikkei Asia report. The Financial Services Agency wants to include cryptocurrencies in the approved asset list for ETFs. At the same time, it plans to tighten rules to better protect investors. 

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🇯🇵JAPAN SET TO GREENLIGHT CRYPTO ETFs BY 2028

Japan could approve crypto ETFs as early as 2028, with Nomura and SBI Holdings seen as leading candidates for the first listings. pic.twitter.com/PJVhwndQ9d

— Coin Bureau (@coinbureau) January 25, 2026

Japan Prepares Crypto ETFs with Strong Institutional Backing

Nomura Holdings and SBI Holdings, two of the country’s largest financial institutions, are expected to lead the launch of these ETFs on the Tokyo Stock Exchange. Their involvement highlights the scale of institutional backing behind the initiative, which could reshape Japan’s financial landscape. The move comes after the remarkable success of crypto ETFs in the United States. Spot Bitcoin funds there now hold about $115.8 billion in assets. This equals nearly 6.5% of Bitcoin’s total market value and sets a strong example for other markets.

Earlier, Japan’s finance minister called 2026 “Digital Year One.” The goal is to bring digital assets deeper into the country’s financial system. First, the government plans to cut taxes on crypto profits to a flat 20%. Next, banks and brokerage firms would be allowed to hold and trade cryptocurrencies. These steps aim to make the market more open and easier to access. 

HUGE FROM JAPAN 🇯🇵

Japan’s first Bitcoin ETF is getting closer.

Finance Minister Satsuki Katayama called 2026 “Digital Year One” & pledged full support, saying Japan must use its strong exchanges so the public can benefit from blockchain assets.$BTC pumping hard hit 93k 🚀 pic.twitter.com/27KWwt1i9W

— Money Ape (@TheMoneyApe) January 5, 2026

In addition, regulators would treat major assets like Bitcoin and Ether as financial products. This change would place them closer to traditional investments. Surveys also show strong interest, with over 60% of local investors wanting crypto exposure through regulated products.

Asia Advances Crypto ETFs as Japan Prepares to Catch Up

At the same time, other Asian markets are already moving ahead. Hong Kong launched its own crypto ETFs one year ago. These funds track Bitcoin, Ether, and Solana. Unlike the United States, Hong Kong allows in-kind buying and selling. Investors can swap the real assets directly for fund shares.

Meanwhile, South Korea is also pushing forward. The country is working on the Digital Asset Basic Act, which should be finalized in the first quarter of this year. This law will support the launch of the first spot crypto exchange-traded funds, adding more pressure across the region. As a result, getting approval in Japan would mean a significant shift in the rules. Over time, it would boost adoption among both retail and institutional investors. It would also keep Japan aligned with leading financial hubs embracing digital assets.

Japan Leads the Way in Stablecoins

Japan has approved its first yen-pegged stablecoin. This is a sign that the country is focused on regulated digital currencies. Hong Kong is expected to issue its first stablecoin licenses this quarter. South Korea is also going to create a won-pegged stablecoin market. All three financial centers share a common goal: to make stablecoins a part of mainstream finance, right alongside ETFs. This is a sign of a broader effort to integrate digital assets in Asia.

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