Japan’s biggest brokerages are racing to bring crypto investment trusts to retail investors, as regulators move to formally allow crypto-holding funds by 2028. Japan’s major brokerages are preparing to bring crypto investment trusts to retail investors, with SBI Securities and Rakuten Securities already developing products in-house, while others like Nomura plan to enter the space once regulations are finalized. SBI Securities plans to sell funds developed by group company SBI Global Asset Management, with products spanning both ETFs and investment trusts focused on liquid assets like Bitcoin and Ethereum, according to a Sunday report by Nikkei. The group intends to handle everything from product development to distribution in-house. Rakuten Securities is taking a similar approach, working with Rakuten Investment Management to build products tradeable directly through smartphone apps, the report revealed. The move would mark a significant shift in how ordinary Japanese investors access crypto. Currently, buying digital assets requires opening a dedicated exchange account or setting up a wallet. Investment trusts would allow crypto exposure through existing securities accounts, removing a key barrier for retail participation. Related: Japan tells real estate and crypto sectors to tighten AML checks on property deals Among the larger names, Nomura and Daiwa have both announced plans to develop crypto investment trusts within their respective groups, Nikkei reported. SMBC Group, including SMBC Nikko, has set up a cross-group task force to evaluate its options, while Asset Management One, under Mizuho Financial Group, has begun preliminary exploration. The move comes as Japan’s Financial Services Agency is moving to revise the enforcement order of the Investment Trust Act by 2028, which would formally add cryptocurrencies to the list of specified assets investment trusts can hold.