The classification of cryptocurrencies is likely to change after Japan's Financial Services Agency announced plans to start treating cryptocurrencies such as bitcoin as "financial assets". According to official documents, the FSA published its position in its fiscal 2025 tax reform request, which wants to start treating cryptoassets as "financial assets that the general public can invest in". Currently, Japanese law classifies crypto assets as "instruments of payment" under the terms of the Payment Services Act. A shift to a more investment-focused definition would represent some kind of legitimization of cryptocurrencies, but such a change would appear to hinge on the stability of the cryptocurrency industry. While the document does not call for crypto tax reform, CoinPost wrote that it suggests there is "a possibility" that Japan's controversial crypto tax rules will be "reviewed."