Japan's financial regulator intends to put bitcoin and other virtual currencies into one category called "crypto assets".
According to the local media, the Japanese Financial Agency believes that this measures would help to make clearer the concept of the virtual currencies that are traded as money as well as prevent any misunderstanding among investors in terms of the classification of any particular asset and using virtual assets as payment means.
Specifically, the regulator unveiled the report that covered dittology of such term as virtual currency last Friday. FSA is said to revise the regulation and legal frameworks in the short term. The amendments will also be made to the law about the payment services (the item about virtual currencies).
In addition, the FSA team also noted that the authorities have to create an effective way for the protection of crypto users in case of the money outflow.
As for other plans of the regulator, it is planned to commence discussions with local companies dealing with the cryptos regarding the new category.
For reference, Japan revised its law on payment means and added cryptocurrencies as a payment method. However, the digital coins are classified as property by this law, and thus it can be used for buying services and products but is not a legal payment means.