🧠 Food for thought

Implications, context, and why it matters.

In-house funds and tax cuts drive Japan’s crypto push

• SBI Securities and Rakuten Securities are building crypto investment trusts through their own asset management units instead of only selling outside products 1.
• That gives each group control over product design, management, and distribution 2.
• Policy changes support the effort. Japan plans to cut the top tax on crypto gains from up to 55% to a flat 20%, matching stocks 3.
• New rules ban insider trading and require yearly disclosures from crypto issuers, which puts them closer to traditional securities 4.

Japan’s steady plan adds pressure in Asia’s digital asset race

• A 2028 target for crypto exchange-traded funds gives Japan time to learn from the US and Hong Kong 5.
• The regional contest is picking up. Hong Kong already offers spot Bitcoin and Ether exchange-traded funds, while South Korea and Taiwan are moving ahead with their own rules 5.
• Large brokerages could pull more activity into their platforms by giving clients crypto exposure through existing accounts, which may pressure standalone crypto exchanges 1.
• Custodians, firms that hold assets for investors, will face tighter security requirements after breaches such as the 48.2 billion yen (US$304 million) DMM Bitcoin hack 5.