Japan's Financial Services Agency has begun considering positioning crypto assets as securities-like financial products, with the aim of requiring companies to disclose more detailed information to protect investors. It is currently holding closed-door research meetings with experts to review the adequacy of current regulations on virtual currencies. It is reported that Japan's Financial Services Agency has started to design a system that will unveil the system reform policy in June this year and amend the law in the regular Diet in 2026 after discussions in the Financial System Commission this autumn. The new system also aims to lift the ban on "bitcoin spot ETFs" and potentially reduce the tax rate, currently as high as 55%, to 20%, the same as the financial income tax rate, in order to both protect investors and revitalize the market. An important question raised in the future is whether to target all crypto assets or only those that have been approved as ETFs in the US, such as bitcoin and ethereum.