The Osaka Exchange (OSE) has confirmed plans to introduce Bitcoin futures by 2028, aiming to offer institutional investors a regulated hedging tool and position Japan as a competitive player in the global crypto derivatives market. OSE President Akira Tagaya stated in a June 11 interview with Nikkei Financial that the exchange is developing a Bitcoin futures product tailored for institutional participants already active in Bitcoin exchange-traded funds (ETFs).
The launch depends on regulatory changes by Japan’s Financial Services Agency (FSA), which is preparing to amend the Investment Trust Law by 2028. The proposed revisions would reclassify cryptocurrencies as “specified assets” for investment trusts, paving the way for crypto-based investment trusts for both retail and institutional clients. This is part of a broader FSA review of digital asset regulations, aiming to strengthen disclosure and investor-protection requirements.
JPX CEO Hiromi Yamaji previously indicated that asset management firms, including Nomura Holdings and SBI Holdings, are keen to introduce crypto ETF products, with the potential market in Japan estimated at up to ¥1 trillion (around $6.4 billion). The futures plan also aligns with JPX’s Medium-Term Management Plan, which highlights new asset classes and businesses.
Globally, the move follows similar developments. The CME launched Bitcoin futures in 2017, and by Q1 2025, CME crypto derivatives averaged 198,000 contracts per day, representing $11.3 billion in notional value. Hong Kong approved spot Bitcoin and Ether ETFs in April 2024, and Singapore Exchange introduced Bitcoin perpetual futures in 2025. Japan’s entry, with OSE as a specialist derivatives venue, could enable institutional traders to execute cash-and-carry strategies across spot positions, ETF shares, and futures, boosting regulated trading activity.
If the FSA completes its regulatory overhaul on schedule, the combined introduction of Bitcoin ETFs and futures would create a comprehensive institutional framework, potentially making Tokyo a significant hub in the Asian digital-asset markets.
