Japan’s biggest online brokerages are about to make crypto investing feel as routine as buying a mutual fund. SBI Securities and Rakuten Securities are each developing in-house cryptocurrency investment trusts, according to Nikkei Asia, giving Japanese retail investors a way to gain exposure to Bitcoin and Ethereum without ever touching a wallet.

The move is significant for a country that has long been one of crypto’s most active retail markets but has lacked the kind of packaged investment products that have exploded in popularity in the US and Hong Kong.

What the trusts actually do

Instead of signing up for a crypto exchange, securing private keys, and navigating the operational headaches of self-custody,…