Osaka Exchange (OSE) President Akira Tagaya confirmed in an interview with Nikkei Financial on June 11 that OSE plans to launch Bitcoin futures in 2028, aiming to serve institutional investors that trade Bitcoin through ETFs and provide a compliant hedging platform. The Japan Financial Services Agency (FSA) plans to amend the enforcement regulations of the Investment Trust Act before 2028 to include cryptocurrencies in the scope of investment trust “specified assets.”
OSE’s Confirmed 2028 Plan: JPX Mid-Term Management Direction Already Listed
Under the organizational structure of the Japan Exchange Group (JPX), OSE is JPX’s dedicated derivatives trading platform, handling futures and options trading. Tagaya confirmed that the target customers for Bitcoin futures are institutional investors who need to hedge crypto ETF exposure.
JPX CEO Hiromi Yamaji previously confirmed that asset management companies have shown strong interest in crypto ETFs, and JPX will consider moving forward after resolving the relevant legal and tax issues. The related plan has already been listed as a priority item for the asset class expansion in JPX’s mid-term management program.
FSA Amendment Plan: Add Cryptocurrencies to Investment Trust “Specified Assets”
The FSA plans to amend the enforcement regulations of the Investment Trust Act to include cryptocurrencies within the scope of investment trust “specified assets.” After the amendments are completed, asset management companies will be able to set up investment trusts based on cryptocurrencies for both Japanese retail and institutional clients.
According to documents released by the FSA and its Financial System Council, discussions include strengthening information disclosure and investor protection requirements. The FSA has not yet published a specific timeline for when the amendments will be finalized.
Confirmed Participants in Japan’s Crypto ETF Plans vs. the Global Landscape
According to a January report by Nikkei Asia, Nomura Holdings and SBI Holdings have obtained the relevant approvals and were named as the companies most likely to launch crypto ETF products on the Tokyo Stock Exchange. The specific launch dates for the ETFs have not been confirmed yet.
As a comparison to the global crypto derivatives landscape:
CME (US): Launched Bitcoin futures in December 2017; in Q1 2025, average daily trading volume of 198,000 contracts (about $11.3 billion); open interest of 251,000 contracts (about $21.8 billion)
Hong Kong: Approved spot Bitcoin and Ethereum ETFs in April 2024, becoming the first authorized spot crypto ETF jurisdiction in Asia
Singapore (SGX): Launched Bitcoin perpetual futures for institutions and professional investors in 2025
Japan (OSE): Plans to launch Bitcoin futures before 2028, pending completion of FSA amendments
FAQ
What confirmed preconditions are there for OSE’s Bitcoin futures plan?
According to reports, OSE’s official launch of Bitcoin futures is contingent on the FSA completing amendments to the Investment Trust Act. The FSA plans to complete the amendments before 2028, but the specific timeline has not been published. OSE President Tagaya confirmed the 2028 plan target in an interview with Nikkei Financial.
What roles do Nomura Holdings and SBI Holdings play in Japan’s crypto ETFs?
According to a January 2026 report by Nikkei Asia, Nomura Holdings and SBI Holdings have obtained the relevant approvals and were named as the companies most likely to launch crypto ETF products first. The specific ETF launch dates and product details have not yet been formally announced.
On what basis are market size estimates for Japan’s Bitcoin futures plans made?
Analysts estimate that the potential market size for Japan’s crypto ETFs could reach 1 trillion yen (about $6.4 billion). This estimate is based on analysis of the size of Japan’s existing fund market and potential institutional demand; it is a market estimate rather than an official figure. OSE itself has not disclosed any target expected trading volume for the futures market.
