Japan's financial regulators are studying whether to redefine cryptocurrency as a financial product on a par with stocks. Designating them as such could give investors broader options to trade in crypto assets.

The move comes amid growth in investment in digital currencies in Japan. The number of trading accounts now exceeds 10 million.

Currently, cryptocurrencies are legally recognized as a means of settling payments.

By redefining them as an equivalent to securities, regulators would be able to ask issuers to disclose more information about their financial status.

For investors, the reform could lead to the lifting of a ban in Japan on exchange-traded funds that track the prices of cryptocurrencies.

The Financial Services Agency is consulting with experts in the hope of setting the direction of reforms by around mid-year. Further debate is expected before any legal revision.