Nomura, MUFG and SBI Lead Push for Japanese Crypto Trusts

According to a report by the Nihon Keizai Shimbun (Nikkei/DL News), the coalition includes Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asset Management One and Amova Asset Management.

Collectively, these firms manage approximately $2.5tn in assets. Their involvement marks a significant shift from "waiting and seeing" to active product preparation, signaling that Japan's conservative financial sector believes a regulatory breakthrough for digital assets is imminent.

Why "Investment Trusts" matter 

This is not about selling Bitcoin on an exchange. The target is the "Toshin" (Investment Trust) market.

In Japan, investment trusts are the primary vehicle for household savings, similar to mutual funds in the US. Historically, the Financial Services Agency (FSA) has strictly prohibited these trusts from holding cryptocurrencies, effectively locking the asset class out of tax-advantaged retirement accounts (NISA) and corporate portfolios.

By targeting this specific structure, these six firms are attempting to normalize crypto as a standard portfolio component rather than a speculative edge case.

The players: a strategic mix 

The composition of this group is telling. It mixes aggressive crypto-native adoption with conservative banking power:

• SBI Global Asset Management - The aggressor. Its parent company, SBI Holdings, is arguably the most pro-crypto institution in Japan, already operating a major exchange (SBI VC Trade) and owning market maker B2C2. For SBI, this is the final step in a decade-long strategy.
• Nomura Asset Management - The institutional bridge. Nomura has already launched a Bitcoin fund for institutional investors, but it had to do so offshore via its Laser Digital arm. This move brings that expertise onshore.
• Mitsubishi UFJ (MUFG) - The validator. As part of Japan's largest banking group, MUFG’s participation signals to conservative retail investors and regulators that the asset class passes strict compliance capability tests.

Forcing the tax issue 

The timing of this leak to the Nikkei is likely calculated. Japan is currently debating its tax framework for the coming fiscal year.

Under current law, crypto gains are treated as "miscellaneous income," taxed at a progressive rate of up to 55%. Gains from Investment Trusts, however, are taxed at a flat 20% capital gains rate.

If the FSA approves crypto inclusion in investment trusts, it effectively creates a tax loophole: investors could bypass the 55% rate by buying the fund instead of the token. This puts pressure on the government to unify the tax code, a long-standing demand of the Japan Blockchain Association.

Likelihood of success 

While previous attempts to deregulate have failed, the political winds have shifted. The current administration has promoted a "Web3 Policy" as a pillar of economic growth. Furthermore, with the US approving Spot ETFs and the EU implementing MiCA, the FSA faces pressure to prevent capital flight to offshore markets.

However, its creation is not guaranteed. It remains contingent on the FSA finalizing the amendment to the Act on Investment Trusts and Investment Corporations, a legislative change expected to be debated this year.