Japan's fastest cryptocurrency ETF approval in 2028! Nomura and SBI are expected to be the first to launch

According to Nikkei Asia, Japan is expected to see the first cryptocurrency ETF listings as early as 2028. The report points out that Japan’s traditionally conservative Financial Services Agency (FSA) is planning to include cryptocurrencies within the scope of underlying assets eligible for ETF investment, while simultaneously implementing stricter investor protection measures. Nikkei Asia notes that Japan’s two major financial giants—Nomura Holdings and SBI Holdings—are expected to become the first to launch cryptocurrency ETFs on the Tokyo Stock Exchange (TSE). This move by Japan is clearly motivated by the tremendous success of the US cryptocurrency ETF market. Since the launch of Bitcoin spot ETFs in the US, they have attracted significant capital, with current net assets reaching $115.8 billion, accounting for approximately 6.5% of Bitcoin’s total market capitalization. The advent of US cryptocurrency ETFs has expanded institutional investors’ channels to access Bitcoin and other digital assets, with pension funds, family offices, and top universities like Harvard deploying digital assets through ETFs. Additionally, US regulators have recently streamlined the listing process significantly, prompting issuers to launch a variety of spot ETFs by the end of 2025 that include Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), and other cryptocurrencies. Market expectations are that more cryptocurrency ETFs will be launched this year. Looking across Asia, Hong Kong had already launched spot ETFs for Bitcoin, Ethereum, and Solana in 2024. Unlike the US, Hong Kong ETFs allow physical creation and redemption, enabling investors to directly exchange cryptocurrencies for ETF shares, thereby increasing operational flexibility.