JPX: Crypto ETFs Could List in Japan by 2027

Japan Exchange Group CEO Hiromi Yamaji set a faster timetable for a cryptocurrency exchange-traded fund, saying the first product could list as early as 2027 once legal and tax frameworks are finalized and a TOPIX index consultation is resolved.

JPX expects asset managers to begin the listing process when those prerequisites are met. Yamaji noted the exchange has received strong interest from domestic firms preparing ETF products.

Nomura Asset Management, SBI Global Asset Management and Daiwa Asset Management have been studying or preparing ETF offerings. SBI has disclosed plans for a fund tracking Bitcoin and XRP and for a mixed trust allocating 51% to gold ETFs and 49% to Bitcoin ETFs.

Two legal changes are central to the pathway. The Financial Services Agency plans to classify crypto assets as financial instruments under the Financial Instruments and Exchange Act in 2026. A separate tax reform would move crypto gains out of “miscellaneous income,” where they face a top rate near 55%, into a flat 20% rate aligned with stocks and investment trusts. Yamaji described those reforms as clearing the main regulatory obstacles to listings.

JPX is also seeking feedback on a proposed TOPIX rule to exclude companies with more than 50% of their assets in crypto from the Tokyo Stock Price Index. The public consultation closes May 7. Critics say the rule could remove firms such as Metaplanet, Remixpoint and ANAP Holdings when TOPIX is rebalanced in October 2026.

Dylan LeClair, head of Bitcoin strategy at Metaplanet, has urged supporters to oppose the change and to sign a joint letter before the consultation deadline. Analysts have warned that excluding large digital-asset treasury companies from major indexes can trigger large passive outflows; earlier industry analysis estimated removal of a major company from a global index could cause roughly $2.8 billion in passive selling, with additional sums at risk if other index providers followed.

Two near-term milestones will shape the timetable. The TOPIX consultation ends May 7. Any amendments to the Investment Trust Act and the tax reform bill must pass Japan’s legislature before JPX can begin listing crypto ETFs. If the legal classification and tax changes are enacted and the index consultation is resolved in favor of inclusion, asset managers could proceed quickly to list products under JPX’s accelerated timeline.

Yamaji commented on currency moves, calling the yen’s brief fall past 160 per dollar “excessively weak” and describing “130 to 140 yen per dollar” as a more appropriate range. She added that a stable exchange rate is the best way to attract global capital to Japanese markets.