Japan's Liberal Democratic party is considering changing the laws to define virtual currency as legal currencies. With this change, bitcoin and other virtual currencies could be regulated and taxed more closely, according to a report by The Guardian.

Currently, Japan defines virtual currency as a commodity. However, with the new definition, anything that can be exchanged for goods or services would be considered a currency.

"There is a long way to go," said Tomonori Kanda, financial affairs official. "But we have discussed reform and believe it is the right way to go."

"We have not decided anything yet," a Financial Services Agency official said. "The way things work here is that any change would have to be approved by parliament first, and then we would work on writing the legislation."