Japan may launch its first Bitcoin ETF by 2028 as new rules allow crypto in investment trusts.

Japan is preparing to approve its first Bitcoin exchange-traded fund (ETF) by 2028 following regulatory changes that classify crypto assets as financial investment products. Major Japanese asset managers like SBI Securities and Rakuten Securities are developing crypto funds, while the Financial Services Agency (FSA) is revising rules to enable ETFs to hold crypto directly. Retail investors are expected to drive demand, with potential inflows reaching ¥3 trillion by 2028. Institutional interest is growing but remains limited, with some pension funds starting small crypto allocations. The timeline depends on final regulatory frameworks and listing rules, but Japan is moving closer to launching domestic Bitcoin ETFs.