Japan's two largest online brokerages, SBI Securities and Rakuten Securities, are developing in-house crypto investment trust products for retail investors. SBI plans ETFs and investment trusts tied to liquid assets such as Bitcoin and Ether, while Rakuten is building similar products for direct trading in its smartphone app. Japan's Financial Services Agency is moving to revise the Investment Trust Act enforcement order by 2028, and a cabinet-approved bill could bring crypto under the Financial Instruments and Exchange Act as early as fiscal 2027 if passed in the current Diet session.