Six of Japan's largest asset management firms, managing a combined $2.5 trillion in assets under management, have officially confirmed their interest in launching cryptocurrency investment funds for both individual and institutional investors. The firms involved are Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asset Management One, and Amundi Japan.
Mitsubishi UFJ Asset Management, part of the Mitsubishi UFJ Financial Group with approximately $2.7 trillion in total assets, has been actively working on blockchain projects and stablecoin infrastructures, emphasizing interoperability platforms. Nomura Asset Management, Japan's largest asset and wealth manager, oversees 153 trillion yen in client assets and holds a 15% share of the domestic market. Daiwa Asset Management reported managing around $213 billion as of March 2024.
Japan's Financial Services Agency (FSA) is considering the approval of investment trusts that include cryptocurrencies, which could accelerate the shift toward crypto investments. This regulatory openness marks a departure from Japan's historically cautious stance, influenced by past exchange hacks like Mt. Gox and Coincheck, and is now reshaped by global developments such as the EU's MiCA regulation and the crypto-friendly policies of the US administration under President Donald Trump.
The approval of spot Bitcoin ETFs in the US has generated significant anticipation among Japanese investors, with industry observers noting that many are eagerly awaiting the establishment of regulated cryptocurrency investment trusts to provide safer, compliant entry points into the digital asset space.
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