Japan's major asset managers mull crypto investment offerings ahead of major rule changes: report

Several of Japan’s largest wealth management firms are preparing to develop the country’s first crypto-based investment trusts as regulators move toward a sweeping overhaul of digital asset rules.

According to a Nikkei report, six firms — including Daiwa Asset Management, Asset Management One, Amova Asset Management, and Mitsubishi UFJ Asset Management — said they are considering launching cryptocurrency investment products.

Monday’s news follows discussions among policymakers on whether to allow such products for the first time. Japan currently prohibits crypto assets from being included in investment trusts under existing regulations.

The Financial Services Agency is weighing a plan to reclassify cryptocurrencies under the Financial Instruments and Exchange Act, rather than the Payment Services Act. As previously reported by The Block, the reform is part of a broader push to treat crypto as a regulated financial product and to lower the tax on digital asset gains to a flat 20%, in line with stocks and bonds.

The FSA aims to finalize the legal changes during the 2026 ordinary parliamentary session, Nikkei noted. If adopted, the reforms would also pave the way for amendments to the Investment Trust Act. This would allow asset managers to offer crypto investment trusts to retail and, eventually, institutional investors.

SBI Global Asset Management reportedly said it plans to launch ETFs tied to bitcoin and ether, as well as diversified crypto investment trusts. The company aims to manage roughly 5 trillion yen, or $32 billion, in assets within three years of launch.

Other firms, including Nomura Asset Management, have already formed internal task forces to build crypto-product strategies ahead of the expected rule changes. Nomura said its systems are now designed to support a swift rollout once regulations are finalized, according to the report.

Shifting regulatory landscape

The moves come as Japan accelerates digital asset policymaking on multiple fronts.

Earlier in November, The Block reported that Japan’s government is weighing new rules requiring crypto custody to be handled only by registered providers. Regulators aim to tighten oversight following a series of global security lapses.

The country has also advanced efforts around stablecoins. Japanese regulators backed a joint yen-stablecoin project involving three major banks, marking one of the clearest signals that Tokyo sees a fiat-pegged stablecoin ecosystem as part of its long-term financial strategy.