Japan's Financial Services Agency (FSA) is expected to lift the ban on spot cryptocurrency ETFs, including Bitcoin, by 2028. This move involves amending the Enforcement Ordinance of the Investment Trust Law to classify virtual currencies as "specific assets" for investment trusts. Major financial institutions like SBI Holdings and Nomura Holdings are already developing related products in anticipation of this regulatory change. If approved, these ETFs could be listed on the Tokyo Stock Exchange, allowing individual investors to trade them similarly to stocks or gold ETFs. The shift requires tax reform, transitioning from a comprehensive taxation system with a 55% maximum rate to a separate system with a 20% uniform rate. This development aims to broaden asset allocation options for both individual and institutional investors.