Crypto ETFs in Japan could reach far beyond securities firms, with banks and Japan Post Bank potentially becoming sales channels under a uniquely Japanese market model, according to SBI Global Asset Management President Tomoya Asakura.
Speaking at the WebX 2026 conference on July 13, Asakura outlined a vision where crypto ETFs are sold not only through brokerages but also through banks, regional banks, and post offices nationwide. He emphasized that public investment trusts incorporating crypto ETFs could be key, as they can be distributed via banking channels, unlike ETFs which are typically traded through securities accounts.
A Japanese model for crypto ETFs
Asakura argued that Japan's strength lies in offering crypto assets not as standalone speculative products, but as part of long-term, diversified, and accumulation-oriented wealth-building instruments. He cited the potential for crypto ETFs to be used in regular savings plans and distributed through Japan's extensive postal network.
Japan already has about 14 million crypto trading accounts, which Asakura called a "demand floor" despite a harsh tax environment. Crypto spot trading is subject to progressive taxation of up to 55%, with no loss offsetting against stocks or mutual funds. In contrast, NISA tax-free accounts have grown to about 28 million. Asakura suggested that linking crypto ETFs to existing wealth-building frameworks like NISA could dramatically expand the market.
Household assets could dwarf US market
Asakura estimated that if just 1% of Japan's roughly 2,400 trillion yen in household financial assets were allocated to crypto ETFs, the resulting inflows would exceed the entire current US crypto ETF market. He noted that while the US market has experienced both hype and corrections, Japan as a latecomer can design products and distribution from the start as part of a broader asset-building strategy.
BlackRock Japan Director Keisuke Jo explained that when US spot Bitcoin ETFs were approved in 2024, retail investors initially drove the market. According to BlackRock's estimates, retail investors accounted for about 80% of flows in the first year. Over time, institutional and wealth management participation grew, and now retail represents roughly 50%, wealthy clients via IFAs about 25%, and institutions about 25%. Jo noted that about 75% of BlackRock's crypto ETF buyers had never purchased an ETF before, and some later bought traditional ETFs, showing crypto ETFs acted as a gateway.
Starting simple, then expanding
Nomura Asset Management's Yusuke Mizusaki said the realistic starting point for Japan is simple products fully tracking specific crypto assets. Later, balanced funds incorporating crypto or derivative-based strategies could follow. However, he cautioned that crypto's high volatility requires careful investor education and product governance.
Tokyo Stock Exchange's Takashi Kikuchi raised listing issues such as whether to use domestic or foreign fund structures, and whether to accept cash or in-kind creation. In-kind creation would require coordination across the entire ETF ecosystem, including brokers, custodians, and clearing infrastructure.
Asakura concluded by urging policy changes to treat crypto as an asset class rather than a speculative instrument. He specifically called for allowing crypto ETFs and related investment trusts in NISA, junior NISA, iDeCo, and corporate defined-contribution pension plans. "Otherwise, Japan will end up with the same speculative products as the US," he warned. Whether Japan can build a different growth model depends not only on product design but also on sales channels and regulatory frameworks.