[Web 3.0 Major Rule Revision Series] 35. Can I Buy Bitcoin ETFs Yet? | Tracking Trends to See When They Will Join the Ranks of Investment Trusts

Recently, I have been asked more and more often, “Can I already buy Bitcoin ETFs in my securities account?” To give you the conclusion, as of the time of writing this article, you cannot buy them yet. However, the lifting of the ban on these Bitcoin ETFs is actually waiting just beyond the institutional revisions we have been looking at in this series. This time, I will organize the current trends.

What is a Bitcoin ETF in the first place?

An ETF (Exchange Traded Fund) is an investment trust that is listed on a stock exchange and can be bought and sold from your regular securities account just like a stock. A Bitcoin ETF is a product whose value is linked to the price movement of Bitcoin, and investors do not need to create an account at a crypto asset exchange or manage private keys in a wallet. In the United States, spot Bitcoin ETFs are already listed, which has greatly expanded the “gateway” for people with securities accounts. It is said that after listing, huge amounts of capital flowed into products from major asset management companies, providing an opportunity for people who do not have accounts at crypto asset exchanges to participate in the market. In Japanese discussions, this US precedent is often cited as a “success story that should be used as a reference.”

When will it be lifted in Japan?

With the amendment to the Financial Instruments and Exchange Act enacted on July 15, 2026, the legal status of crypto assets has changed from “means of payment” to “financial products.” This amendment is expected to be enforced within 2027, and the target brands will be designated by Cabinet Office Ordinance after enforcement. Bitcoin, which has the highest level of both market capitalization and liquidity, is considered almost certain to be included, and Ethereum is also considered a strong candidate based on the precedent in the United States. Whether other brands will be included is still uncertain, depending on the formulation of the Cabinet Office Ordinance.

After enforcement, the flow will be for each asset management company to design products, apply for them, and aim for listing on the Tokyo Stock Exchange. At an event called WebX held in July 2026, major asset management companies discussed specific product designs, and it seems that industry preparations are steadily progressing. In terms of the timeline, it is expected that the system will be put in place in the order of the legal amendment enforcement within 2027, followed by product application and listing, and then the start of separate self-assessment taxation (20.315%) from January 2028.

What will change when they become available for purchase?

If Bitcoin ETFs become available for purchase in securities accounts, it will become possible to interact with crypto assets with the same feeling as accumulating stocks or investment trusts. A representative from SBI Securities mentioned at WebX in 2026 that they want to cultivate a unique Japanese market as “an asset formation product based on long-term, installment, and diversified investment, rather than a speculative market like in the United States.” If it is in the form of an investment trust that incorporates ETFs, it may be possible to sell them not only at securities companies but also at bank and Japan Post Bank counters, potentially reaching a demographic that has had no connection to crypto assets until now.

However, whether they will be eligible for the new NISA is not yet determined as of the time of writing this article. Apart from the listing of the ETF itself, it is expected that a revision of the Cabinet Order will be necessary. If they become eligible for NISA, there is a possibility that capital gains will be tax-free within a limit of 2.4 million yen per year, which would likely have a significant impact on household finances.

I will also introduce an estimate of the market size. It is said that Japan’s total household financial assets are approximately 2,400 trillion yen, and some point out that even if just 1% of that goes toward crypto asset ETFs, it could exceed the scale of the entire current US market. Regardless of whether the money actually moves, it also shows that the depth of Japanese household assets is that great, and looking at this number, I was frankly surprised that it was “on a different scale.”

A story about how I faced my “hasty past”

Since we have been talking about systems, let me insert a little bit of my own experience.

Previously, I saw information at a stage where it was only reported as being in the “consideration stage,” and I was swept up by the atmosphere around me that “it seems like it will go up soon,” and I moved funds without sufficiently verifying the facts. As a result, that story did not materialize, and rather than an opportunity loss, a strong sense of reflection remained regarding myself for being swayed by information with thin grounds.

Regarding this Bitcoin ETF story as well, when looking at the reports, the atmosphere that “it seems like it will be buyable soon” tends to take precedence. However, in reality, the target brands and NISA compatibility are not yet determined, and even the enforcement timing is at the stage of waiting for a Cabinet Order. Because of that experience, I now make it a point to thoroughly “admit that what has not been decided has not been decided.” Following trends is fun, but I want to get into the habit of checking primary sources so as not to confuse confirmed information with observational articles.

Specifically, when reading articles, I try to separate them sentence by sentence into “Is this a story about the fact that a law has been enacted, or is it a story about the prospects and expectations of industry insiders?” In this case, the enactment of the Financial Instruments and Exchange Act amendment itself is a confirmed fact, but the target brands, NISA compatibility, and listing timing do not go beyond the outlook of those involved. If you neglect this separation, you will end up acting while confusing “what has already been decided” with “what will be decided from now on,” and you will repeat the same mistakes I made before.

Things to keep in mind regarding this trend

As for preparations that can be made at this point, it is realistic for those who do not have a securities account to open one at this opportunity. As advice for those who already hold Bitcoin in kind, some point out that you should avoid hasty buying and selling that straddles the timing of the system transition, and that you should make decisions based on the change in the tax system.

Also, as expectations for the lifting of the ban rise, it is expected that suspicious solicitations claiming “advance sales” or “you can secure rights now” will appear. An official ETF is something that can be bought from a regular securities account only after it is listed on a stock exchange. You should be wary of stories claiming “advance acquisition” through other routes.

Regarding the target brands, it is also undetermined to what extent things other than Bitcoin will be included. Ethereum is considered a strong candidate based on the precedent in the United States, but for other brands, we cannot judge until we see the contents of the Cabinet Office Ordinance. It is safe to keep your distance from definitive rumors such as “XX coin will also become an ETF” for the time being.

Summary: Can you buy Bitcoin ETFs yet?

• The Financial Instruments and Exchange Act amendment, passed in July 2026, is expected to be enacted within 2027, after which target assets (Bitcoin is almost certain) will be designated by Cabinet Office Ordinance.

• The process involves asset management companies applying for products after enactment and aiming for listing on the Tokyo Stock Exchange; therefore, they cannot be purchased at this time.

• NISA compatibility is not yet confirmed, but if realized, it would have a significant impact on household finances; meanwhile, caution is required regarding suspicious solicitations claiming early access.

The day they join the ranks of investment trusts is approaching more steadily than you might think, but there are still many uncertainties at this stage. Next time, we will deliver an episode on ‘exit strategies’ for crypto assets—that is, when and how to cash out.

Disclaimer: This article is intended to provide an easy-to-understand summary of trends in legal revisions and does not recommend investment in any specific financial product. As the details of the system may change in the future, please make investment decisions based on official information and at your own risk.