Japan’s Financial Services Agency (FSA) has reportedly finalized a sweeping plan to reclassify 105 cryptocurrencies — including bitcoin — as financial products under the Financial Instruments and Exchange Act, marking one of the country’s most significant regulatory shifts since the Mt. Gox era.

The agency wants to bring crypto taxation in line with equities — a flat 20% rate — for profits generated from the newly recognized financial products. The proposal will be reviewed during next fiscal year’s tax reform cycle and could take effect as early as 2026.