Japan’s biggest asset managers signal interest in launching crypto funds: report

Six of the largest asset managers in Japan, with assets under management worth a combined $2.5 trillion, have signalled their interest in launching crypto funds.

A report from Japanese outlet Nihon Keizai Shimbun on Thursday confirmed that Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asemane One, and Amova Asset Management all communicated their interest in crypto funds.

Mitsubishi UFJ Asset Management is part of the Mitsubishi UFJ Financial Group, one of the world’s largest financial institutions. The group holds total assets worth around $2.7 trillion.

Mitsubishi UFJ has been exploring a variety of blockchain and crypto-related projects in recent years, including a stablecoin interoperability platform.

Nomura, meanwhile, is Japan’s biggest wealth manager. It claims to manage 153 trillion in client assets and has cornered 15% of the domestic market.

Daiwa Asset Management had approximately $213 billion in assets under management as of March 2024.

The firms reportedly said they were interested in offering their new crypto trusts to both retail and institutional investors.

The country’s top financial watchdog also appears to be on board.

“The FSA is considering allowing investment trusts that incorporate cryptocurrencies,” Nihon Keizai Shimbun wrote. “This could spark a further acceleration of the movement of [Japanese investment] in crypto.”

Changing tides

Though Japan has long been hesitant to embrace digital assets in the wake of several devastating crypto exchange hacks, changing tides in the US and Europe appear to be influencing the country’s financial sector. In 2025, the European Union’s comprehensive crypto guidelines, called MiCA, came into effect.

Since US President Donald Trump took office in 2025, the government has appointed several crypto-friendly agency heads and signed into law landmark stablecoin legislation.

Writing in Coin Post, the Japanese crypto journalist K. Kobayashi explained: “With the approval of Bitcoin spot exchange-traded funds in the United States, many Japanese people are now looking forward to the creation of cryptocurrency investment trusts.”

While Japanese law does not allow fund managers to include crypto in their portfolios, the FSA has been pursuing deregulatory policies in recent months as Tokyo looks to reposition itself as a regional hub for crypto businesses.

Earlier this month, FSA sources told another leading Japanese newspaper they were preparing to reclassify Bitcoin, Ethereum, and over 100 altcoins as financial products.

Tax reform

Kobayashi warned that the six firms’ eagerness to act will hinge on further deregulatory moves from the FSA.

“The inclusion of cryptocurrencies in investment trusts is premised on tax reforms,” he noted.

Reformers want the government to tax crypto profits using a flat 20% capital gains levy, as is the case for stock investors.

Currently, the tax authority taxes crypto profits as a form of “miscellaneous income.” That means the country’s highest earners can end up paying tax rates as high as 55% on their crypto earnings.

Tim Alper is a news correspondent at DL News. Got a tip? Email at [e-mail].