Today, Japan Exchange Group (JPX) CEO Hiromi Yamaji told Bloomberg that Japan’s first cryptocurrency exchange-traded fund could list as early as next year, accelerating a timeline that regulators and market participants previously expected to end in 2028.
The new schedule is important for Japanese-listed companies that hold a lot of cryptocurrencies on their books. A few days before Yamaji’s comments, Dylan LeClair, head of Bitcoin strategy at MetaPlanet, urged the global community to oppose a separate JPX proposal (closing on May 7) that would prevent companies from holding more than 50% of their assets in cryptocurrencies from the Tokyo Stock Price Index (TOPIX), according to his remarks at the Bitcoin 2025 conference.
When will Japan launch cryptocurrency ETFs?
JPX first showed interest in cryptocurrency-related financial products around March 2025 with the primary aim of attracting global capital. At the time, the industry consensus was to launch the ETF no later than 2028.
Yamaji interview Today it just moved its targets forward, noting that asset managers have shown strong interest in developing cryptocurrency ETF products and that the exchange is ready to begin the listing process once the legal and tax frameworks are finalized.
like Cryptopolitan It was previously reported that Japan’s Financial Services Agency plans to classify crypto assets as financial instruments under the Financial Instruments and Exchange Act in 2026. As such, a separate tax reform would reduce crypto gains from a top rate of 55% under “diversified income” to a flat 20%, consistent with the treatment of stocks and investment funds.
Implementing these two changes together would remove the major regulatory hurdles noted by Yamaji.
Many major financial institutions are already taking their stand. According to CryptopolitanNomura Asset Management, SBI Global Asset Management and Daiwa Asset Management all study or prepare ETF products.
SBI Holdings also revealed plans to set up a fund tracking Bitcoin and XRP, with a separate hybrid fund allocating 51% to gold ETFs and 49% to Bitcoin ETFs.
Japanese companies fight TOPIX exclusion proposal
While ETF approval would direct new capital into cryptocurrency markets, the proposed TOPIX rule change threatens to take it away.
JPX is requesting comments on a regulation that would exclude companies with more than 50% of their total assets in cryptocurrencies from TOPIX.
Speaking at Bitcoin 2026The rule will directly impact Metaplanet, Remixpoint and ANAP Holdings when the index is rebalanced in October 2026, LeClair said. He also called on supporters to sign a joint letter hosted on the Bitcoin for Corporations website before the May 7 deadline.
However, there are different factors at stake here. While index inclusion leads to negative money flows, exclusion reverses them. The United States witnessed this earlier when MSCI proposed removing digital asset treasury companies from investable global market indices.
at that time, Cryptopolitan reported JP Morgan analysts warned that removing the strategy (formerly known as MicroStrategy) from MSCI alone could result in negative outflows of approximately $2.8 billion, with an additional $8.8 billion at risk if other index providers follow suit.
According to her Revised February 2026MSCI ultimately decided not to proceed with the disqualification.
Key events in Japan will determine the results of investing in cryptocurrencies
There are two deadlines that will shape the short-term view of things. The TOPIX public consultation will close on May 7. Any amendments to the Investment Funds Law and the Tax Reform Bill (which are prerequisites for ETF approval) must pass through the Japanese legislature before JPX can begin its listing process.
From a currency standpoint, Yamaji noted that the yen briefly fell to above 160 yen to the dollar today and described the level as “very weak,” and that 130 to 140 yen to the dollar is the most appropriate range. He then added that a stable exchange rate is the best way to attract global capital.
