SBI and Rakuten Push Into Crypto Trusts as 11 Japanese Firms Watch Regulations

Japan’s two heavyweight retail brokers are moving. SBI Securities and Rakuten Securities both plan to launch cryptocurrency investment trusts, a step that could open digital assets to millions of ordinary Japanese investors who’ve never touched a crypto exchange.

The news isn’t entirely surprising. Both firms have been circling the crypto space for years, and the demand from retail clients has been hard to ignore. But actually packaging digital assets into a trust structure — something familiar to traditional investors — is a different kind of commitment. It’s not just buying Bitcoin on a side platform. It’s embedding crypto into the mainstream product shelf alongside equity funds and bond trusts.

What SBI and Rakuten Are Actually Building

Details are still pretty thin. Neither SBI Securities nor Rakuten Securities has published full product specs, and further announcements are expected. What’s clear is that both companies want to give retail investors a regulated, accessible way to get crypto exposure without the friction of managing wallets or navigating exchanges. The trust structure basically does the heavy lifting — investors buy units, the trust holds the underlying digital assets.

That’s a big deal for a market like Japan, where retail participation in equities is massive but crypto has stayed on the fringes of mainstream finance. Traditional securities firms moving in changes the optics entirely. It’s not a niche crypto startup anymore. It’s SBI. It’s Rakuten. Names that Japanese households actually recognize and trust.

And the timing matters. Interest in digital assets among Japanese retail investors has been building steadily. Crypto isn’t a fringe curiosity anymore — it’s showing up in conversations about portfolio diversification, inflation hedging, and long-term savings. SBI and Rakuten are probably responding to what they’re hearing from their own client bases.

Eleven Other Firms Are Waiting on Rules

Here’s where it gets interesting. A survey found that 11 other companies are open to offering similar crypto investment products. But there’s a catch — their plans depend heavily on regulatory clarity that doesn’t fully exist yet.

Japan’s framework for digital assets has evolved, but gaps remain. The current uncertainty is a real barrier. Companies aren’t going to commit capital, build compliance infrastructure, and launch products into a regulatory environment that could shift underneath them. So they’re watching. Waiting to see how the rules land before they move.

That conditional interest from 11 firms is actually a significant signal. It says the demand is there, the appetite is there, but the industry won’t race ahead of the regulators. That’s probably the right call, even if it’s frustrating for investors who want access now.

See also: House Lawmakers Push CFTC to Fill Leadership Gaps as Crypto Oversight Grows

Regulatory approvals are still pending for SBI and Rakuten too. The finalization of their plans hinges on how quickly Japan’s authorities move to provide clearer guidelines. No approval, no launch. It’s that simple.

The broader picture for Japan’s financial sector is worth sitting with for a moment. Traditional securities firms stepping into crypto — not as a curiosity, not as a pilot program, but as a structured product offering — marks a real shift. For years, the separation between conventional finance and digital assets felt pretty firm in Japan. That wall is cracking.

Regulatory Clarity Is the Only Blocker Left

The companies monitoring this situation are closely aligning their strategies with whatever guidelines emerge. That’s not timidity — it’s basic risk management. Launching a crypto trust product that later runs into regulatory trouble would be far more damaging than waiting six months for clear rules.

What’s notable is how many players are essentially ready to go. Eleven companies expressing conditional interest isn’t a small number. If Japan’s regulators move to establish a workable framework, the market could see a wave of new crypto investment products hit the shelf in a relatively short window. That kind of simultaneous entry would increase competition, probably drive down fees, and push firms to differentiate on product design.

For investors, that’s mostly good news. More products, more competition, more choice.

See also: UK Regulators Warn Crypto and Finance Firms: AI Cyber Threats Are Here Now

But the pace is genuinely unclear. Regulatory timelines in Japan don’t always move fast, and the complexity of digital asset rules — custody requirements, valuation standards, disclosure obligations — means there’s a lot to work through. Companies are hoping the ambiguity gets resolved soon. Whether it does is another question.

SBI and Rakuten are still the ones to watch most closely. They’re furthest along, and their launches — whenever they happen — will set a template that the other 11 firms will probably study carefully before filing their own paperwork.

No confirmed launch date has been shared by either company.