On July 9, CRYL Corporation, a company specializing in cryptocurrency-backed loans, launched its service 'CRYL', which allows users to receive loans in legal tender using Bitcoin as collateral.
Without selling the BTC used as collateral, it can be utilized for raising funds for tax payments or business capital. The service accommodates loan amounts from 1 million yen to a maximum of 1 billion yen.
Selling BTC or other cryptocurrencies triggers a taxable event, treated as miscellaneous income...