Golden Finance reports that the classification of cryptocurrencies may change after Japan’s Financial Services Agency announced plans to begin treating cryptocurrencies such as Bitcoin as “financial assets.” The Financial Services Agency unveiled its position on a request for tax reform for fiscal year 2025, hoping to start treating crypto-assets as “financial assets in which the general public can invest,” according to official documents. Currently, Japanese law classifies crypto-assets as “payment instruments” under the terms of the Payment Services Act. Moving to a more “investment”-focused definition would represent some legalization of cryptocurrencies, but the change appears to be dependent on the stability of the cryptocurrency industry. While the document does not call for crypto tax reform, CoinPost wrote that it suggests that Japan’s controversial crypto tax rules are “likely” to be “reviewed.”