finance
Two Japanese Brokerages Plan Cryptocurrency Investment Trusts
SBI Securities and Rakuten Securities intend to offer cryptocurrency investment trusts after Japanese regulators finalize rules for the products. Eleven additional firms said they would consider similar offerings once the regulatory framework is clear.
May 17, 7:41 AM·1m read1 source
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Two major Japanese securities firms plan to offer cryptocurrency investment trusts once the Financial Services Agency completes rules for such products, Nikkei Asia reported. SBI Securities, the online brokerage and investment banking unit of SBI Group, and Rakuten Securities, the online broker subsidiary of Rakuten Group, will allow customers to access cryptocurrency through existing brokerage accounts.
The products will include exchange-traded funds developed by firms within the broader holding groups.
In a Nikkei survey of 18 companies, another 11 firms including Nomura Securities, Daiwa Securities and Mizuho Securities said they would consider entering the market when the regulatory process is finished. In early April, the Japanese government approved a draft amendment classifying cryptocurrencies as financial products under the Financial Instruments and Exchange Act.
If passed by parliament, the law could take effect in fiscal 2027. U.S. in January 2024.
