According to Foresight News, official documents show that the Japanese Financial Services Agency hopes to treat crypto assets as "financial assets that the general public can invest in" in its request for tax reform in fiscal 2025.
Currently, Japanese law classifies crypto assets as “payment instruments” under the (Payment Services Act). Moving to a definition that focuses more on “investment” would represent a kind of legalization of cryptocurrencies.
This change seems to depend on the stability of the cryptocurrency industry.