“The real prize is the yen side of onchain settlement, one of the most strategic positions in Asian finance over the coming decade, and that is exactly what SBI is building toward,” he added.

One technical limitation remains. JPYSC does not yet support withdrawals to external wallets.

“Regarding JPYSC, its use is currently limited to accounts within SBI VC Trade, and it does not yet support withdrawals to external wallets or remittances and settlements via public blockchains,” the spokesperson said.

For now, that limits JPYSC’s use outside SBI’s own platform. Investors cannot yet move the stablecoin to external wallets or use it to settle transactions across public blockchains.

Sota Watanabe, CEO of Startale Group, which works with SBI Holdings on JPYSC, said the company’s continued investment in digital assets reflects what he sees as growing institutional confidence in blockchain infrastructure.

“SBI Holdings’ continued commitment to digital assets likely signals confidence in the future architecture of global finance,” Watanabe told CoinDesk.

He said blockchain is increasingly being viewed as financial infrastructure rather than an emerging technology, adding that Japan is well-positioned to lead the sector due to its regulatory framework and financial institutions.

SBI expansion

SBI agreed to buy Tokyo-based cryptocurrency exchange Bitbank for around $289 million in June. The acquisition is expected to close in October, subject to regulatory approval. SBI previously acquired crypto exchange Bitpoint in 2022. The firm also led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C round for crypto risk manager Gauntlet, the spokesperson said.

Solana price has fallen nearly 4% to about $74 after a rejection near $77, as a global technology sell-off and leveraged long liquidations have pushed traders toward caution.

According to data from crypto.news, Solana (SOL) price extended its decline on July 17 after failing to hold above the $76.50–$77 resistance area. Selling accelerated as semiconductor shares led losses across global markets, with Nasdaq 100 futures down 1.8%, Japan’s Nikkei 225 off 4%, and Taiwan’s benchmark plunging more than 6%.

The drop can partly be attributed to the rout due to doubts over stretched artificial intelligence valuations and leveraged retail positions.

Strong U.S. data added pressure on speculative assets. Initial unemployment claims fell to 208,000 from 216,000, while June retail sales rose 0.2%. The 10-year Treasury yield climbed toward 4.60%, and the dollar strengthened, raising the cost of holding high-beta assets such as Solana.

Institutional demand has provided only limited relief. U.S. spot Solana exchange-traded funds attracted $8.36 million on July 6, their strongest daily intake in almost two months, per data from SoSoValue. However, the inflow was not enough to prevent SOL from retreating from its early-July high near $83.

Solana price can rebound if bulls reclaim $76.50

On the 4-hour chart, SOL trades near $74.87 and has reached the lower Bollinger Band at $74.33. The middle band at $76.51 now serves as immediate resistance, while the upper band sits at $78.69. A 4-hour close above the midpoint would give buyers another chance to test the $78–$80 region.

Momentum remains weak but is approaching levels where relief rallies can develop. The 4-hour relative strength index has dropped to 36.58, below its signal average of 45.48 but still above the oversold threshold of 30. Price has also formed a sequence of lower highs since its July 4 peak near $83.

According to crypto analyst SatoshiOwl, SOL has reached a support area after breaking beneath an ascending trendline.

“Hold here and we could see a relief bounce back toward $78–$80. Lose it, and a deeper flush becomes much more likely.”

Ali Charts offered a longer-term counterpoint, noting that the TD Sequential indicator has produced a buy setup on Solana’s monthly chart. The analyst described it as a potential early warning of a macro trend change, although the monthly setup requires confirmation from shorter time frames.

The daily chart remains constructive above the Supertrend support at $69.62. Chaikin Money Flow stands at 0.03, which shows that capital flow is still marginally positive despite the latest sell-off. SOL must first recover the former horizontal support at $76.64 before the daily structure can improve.

CoinGlass’ three-day liquidation heatmap places the nearest large pools of leveraged positions above the market. Dense clusters sit near $76.50–$76.70, $78, and $78.70, making those levels possible price magnets if SOL rebounds. A move through $76.70 could liquidate short positions and accelerate a recovery toward $78.

A break below $74 would expose the $69.60 support zone

Downside risk will rise if SOL closes decisively below the $74–$74.30 area. The heatmap shows less concentrated liquidity immediately beneath the current price, leaving room for a quicker decline toward $72 before the daily Supertrend level near $69.62 comes into play.

Advertisement

A loss of $69.62 would invalidate the remaining bullish daily setup and expose the June recovery base between $64 and $66. Macroeconomic pressure could deepen that move if Treasury yields continue higher, technology shares extend their decline, or renewed U.S.-Iran tensions lift oil prices and reduce demand for risk assets.

For now, SOL remains caught between weak four-hour momentum and positive daily capital flow. Bulls need $76.50 back to target the liquidity stacked near $78–$80, while a failure to protect $74 would place the $69.60 trend support at risk.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Advertisement

More than $1 out of every $10 of the world’s tokenized US Treasuries is issued by a company incorporated in the British Virgin Islands.

That places the small Caribbean territory behind only the United States as a key jurisdiction for the rapidly growing asset class, according to BVI Finance.

BVI Finance’s Destination Digital report in June found that BVI entities accounted for approximately $1.5 billion of the $14.98 billion global market for tokenized US Treasuries as of June 1.

A growing list of digital asset firms now call the British Virgin Islands home, including Kraken’s parent company, Payward, Bitstamp (recently acquired by Robinhood), 1inch and Bitfinex.

The territory boasts a stablecoin market cap of about $1.2 billion held in BVI-linked addresses and has roughly 28,000 stablecoin asset holders.

More than 25 virtual asset service providers (VASPs) have been approved under the BVI’s VASP regime, and, according to Bernstein Research, the Islands host 305 tokenized securities — the highest count for any single jurisdiction in the RWA.xyz dataset.

US tokenized securities distributed value by jurisdiction. Source: Destination Digital

The statistics suggest the Virgin Islands has become one of the world’s top crypto hotspots, but the reality is a little more nuanced.

Tokenized assets are designed to be borderless, and crypto projects often have the choice of which offshore jurisdiction to incorporate in.

In most cases, digital asset companies aren’t physically relocating to the Virgin Islands; they’re simply using the territory to incorporate legal entities, such as token issuers, treasury vehicles, holding companies or special purpose vehicles (SPVs).

Crypto companies aren’t just choosing BVI for tax reasons

Andrew Jowett, a partner at Appleby (BVI) Ltd who advises digital asset businesses on corporate structuring, told Cointelegraph that clients researching the BVI typically compare several jurisdictions, such as the Cayman Islands, United Arab Emirates, Singapore and Switzerland.

Despite long-held assumptions about offshore Caribbean tax havens, tax neutrality is no longer the primary driver.

Related: Dubai crypto market hits 50 licensed firms after new VARA approval

“The overriding factor for choosing the BVI has been digital asset regulation and not tax,” Jowett said. The British overseas territory does have attractive tax policies, and imposes no corporate income tax or capital gains tax on BVI companies.

But all the leading crypto hubs now have favorable crypto tax policies, meaning it’s no longer the deciding factor.

The Cayman Islands imposes no corporate income tax or capital gains tax, and the UAE has zero personal income tax or federal corporate tax on qualifying free zone entities.

“Tax neutrality is table stakes,” said Saeed Al-Marri, chief executive of digital asset infrastructure firm Ethra, which is incorporated in the BVI. He added that the BVI provides legal certainty and clarity, factors he said will determine which jurisdictions survive institutional adoption.

LTP is an institutional digital asset infrastructure provider that operates regulated entities in the BVI, Hong Kong, Australia and the UAE. Its founder and chief executive, Jack Yang, told Cointelegraph that while favorable taxation is relevant for cross-border structures, it is secondary to legal and regulatory certainty as tokenization moves further into institutional finance.

“A tax-neutral structure that cannot pass review by banks, custodians, auditors, investment committees, or regulators has limited practical value,” he said.

Number of tokenized securities by jurisdiction. Source: Destination Digital

Orest Gavryliak, chief legal officer at decentralized exchange aggregator 1inch, which is incorporated in the BVI, said that more and more decentralized finance (DeFi) protocols are choosing jurisdictions that provide predictable rules, rather than simply the lowest tax burden.

“Jurisdiction isn’t exactly becoming irrelevant, but its role is changing,” Gavryliak told Cointelegraph. “Protocols are increasingly weighing factors such as regulations, institutional credibility and long-term sustainability.”

Crypto hubs now compete on legal infrastructure

Jurisdictions vying to be “crypto hubs” like Singapore and the UAE increasingly compete via favorable legal infrastructure and licensing regimes, such as Singapore’s Payment Services Act and Dubai’s Virtual Assets Regulatory Authority (VARA) rulebooks.

The BVI introduced the Virtual Assets Service Providers Act (VASP Act) in 2023, overseen by the BVI Financial Services Commission (FSC).

Compared with many larger financial centers, it offers a speedy turnaround, responds to VASP applications within six weeks and aims to complete the review process within six months, according to BVI Finance and FSC guidance.

Jowett said beyond favorable tax regimes, clients prioritize “ease of launch” and efficient corporate structuring, which has long been part of the BVI’s appeal. Companies can be set up quickly, the legal framework is flexible, and ongoing reporting is generally lighter than in onshore jurisdictions.

Related: Cayman Islands Web3 foundations jump 70% as CARF reporting rules arrive

The Virgin Islands has also historically been favored because it offers more corporate confidentiality than many larger financial centers.

While BVI companies are still subject to anti-money laundering (AML) and know-your-customer (KYC) requirements, beneficial ownership information is held by registered agents rather than a public register, which reduces disclosure requirements.

British Virgin Islands. Source: Destination Digital

However, none of the companies interviewed by Cointelegraph cited tax neutrality or greater corporate confidentiality as deciding factors for incorporating in the BVI, pointing instead to legal certainty, regulatory clarity and corporate flexibility.

Incorporating, not physically relocating to the Virgin Islands

Yang told Cointelegraph that LTP does not employ full-time staff “on the ground.” Instead, the entity is overseen by its board and supported by staff from elsewhere in the LTP group. 

The same distinction can be seen elsewhere in the industry. Kraken’s parent company, Payward, is incorporated in the BVI, but the exchange’s operations are primarily based in the United States, while 1inch’s team and operations are spread across multiple jurisdictions. 

The BVI isn’t winning the race to attract glitzy headquarters or large-scale engineering teams. Instead, it has become the legal home for many digital asset businesses, while much of the work happens elsewhere. For jurisdictions competing to attract the industry, that just may be enough.

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

Japanese financial services group SBI Holdings has acquired a majority stake in Holdbuild, the parent company of Singaporean crypto platform Coinhako, after receiving regulatory approval from Singapore’s central bank.

The approval from the Monetary Authority of Singapore (MAS) enabled SBI to acquire company shares from existing shareholders through a capital injection, making Coinhako a consolidated subsidiary of SBI, the company announced on Thursday.

Coinhako holds a Major Payment Institution license under MAS through its subsidiary, Hako Technology Pte. Ltd. SBI announced its intent to acquire a majority stake in the Singaporean crypto exchange in February.

SBI said it plans to combine Coinhako’s customer base and regional network with its own financial services and digital asset businesses, including its JPYSC stablecoin initiative.

Related: Coinbase Ventures tops crypto VC list for H1 2026

Financial terms of the transaction were not disclosed. SBI did not immediately respond to Cointelegraph’s request for details on the deal.

The acquisition is part of SBI’s broader expansion in digital assets. Earlier this month, the company led a $76 million Series C funding round for institutional crypto exchange EDX Markets. It also shared plans to acquire Bitbank for $289 million, aiming to create one of Japan’s largest crypto exchanges.

SBI deepens crypto industry involvement in Asia

SBI described Singapore as a key hub in its digital asset strategy and said the acquisition would strengthen its presence in Southeast Asia. SBI said it plans to hold its first overseas branch managers’ meeting in Singapore this summer to strengthen its local business foundation.

SBI has accelerated its digital asset expansion in recent months through acquisitions, investments and tokenization initiatives. This week, the company partnered with Ondo Finance to bring tokenized Japanese stocks and integrate its JPYSC stablecoin for settlement and collateral.

In February, SBI and Startale Group unveiled Strium, a layer-1 blockchain focused on tokenized securities and real-world assets. The network is designed to support 24/7 trading, tokenized equity settlement and institutional financial applications as SBI expands its digital asset infrastructure across Japan and overseas markets.

Magazine: Dubai tops Asian crypto hubs, Taiwan passes crypto laws: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The part that rattles valuations is the license. K3 is open-weight, with the full model due for public release on July 27. Anyone will be able to download it, run it on their own hardware, and pay nobody.

Anthropic released Fable 5 last month, and OpenAI shipped GPT-5.6 a week ago, both closed and metered. The assumption underwriting hundreds of billions of dollars in AI infrastructure spending is that frontier capability stays scarce, expensive and American.

A free Chinese model at the top of a coding leaderboard is a direct argument against that.

Meanwhile, Moonshot’s domestic rivals took it worst, with Z.ai falling about 27% and MiniMax about 16%.

For crypto, the headwinds run through the tape rather than through anything onchain. Bitcoin has spent this entire week taking direction from semiconductors.

Last Friday, it rose 4% on the day South Korea’s Kospi jumped 8% and SK Hynix priced $26.5 billion of American depositary shares. This Friday, it fell because a model release in Beijing made the same trade look expensive.

There is, however, a more concrete exposure underneath.

Bitcoin miners have spent two years repositioning themselves as AI data center landlords, signing long-term leases with model developers on the assumption that demand for training and inference compute keeps rising.

Bitcoin (BTC) endured a brutal first half of 2026, dropping to a multi-year low of $57,717 on July 1, a level not seen since September 2024. The flagship cryptocurrency has declined over 30% so far this year and is trading around $63,300 at the time of writing.

Improving macro conditions and whale accumulation briefly pushed BTC above $65,000 this week. However, it fell back into the red, highlighting the fragility of its recovery during current market conditions.

Bitcoin (BTC) Recovery On Shaky Ground

Bitcoin (BTC) has endured a difficult few months, falling to its lowest level since September 2024 on July 1, when it plunged to a low of $57,717. The flagship cryptocurrency has declined over 30% during the first half of 2026, and chances of a recovery remain low until ETF inflows rebound and prevailing macroeconomic conditions improve. BTC also faces the prospect of a deeper decline as investors pivot to AI stocks.

BTC extended its decline for a third day after Tuesday’s rebound and has slipped below $63,000 after stalling around the $65,000 level. While the flagship cryptocurrency has struggled, the S&P 500 and Nasdaq are trading at record levels. This may suggest that the decline is BTC-specific. However, several factors are at play, including geopolitical tensions and crypto-specific factors like ETF outflows, liquidations, and Strategy’s decision to leverage some of its BTC holdings.

What’s Keeping Bitcoin (BTC) Price Action Subdued

Bitcoin (BTC) has been in the doldrums since the start of the year. The flagship cryptocurrency has been declining since hitting its all-time high in October 2025. The bullish narrative around President Trump’s victory and a crypto-friendly administration quickly faded as key crypto-specific legislation stalled. The delay in establishing a strategic Bitcoin reserve and passing the CLARITY Act has had a significant impact on investor sentiment and laid bare the friction between the banking sector and the crypto industry.

Institutional demand, one of the primary drivers of BTC’s rally to its all-time high, has also declined. According to data from CoinMarketCap, spot Bitcoin ETFs recorded total net inflows of $21.4 billion in 2025. In comparison, they have recorded around $5.8 billion in net outflows year-to-date, a distinct shift in investor sentiment and weakening institutional demand.

Artificial Intelligence (AI) and the threat of quantum computers have also impacted investor sentiment and price action. Capital rotation into AI stocks and initial public offerings of companies like SpaceX, OpenAI, and Anthropic has also pulled BTC lower.

Additionally, Strategy’s decision to sell some of its BTC to fund a dollar reserve has dealt a psychological blow to the market and directly put pressure on the asset’s price. The Bitcoin treasury company has authorized selling up to $1.25 billion in BTC and has already executed two sales. The company sold 32 BTC in May for $2.5 million before liquidating 3,588 BTC for $216 million in July. Unsurprisingly, the large sale was a shock to the market, and the flagship cryptocurrency fell nearly 4% in the aftermath of the transaction.

Can Bitcoin (BTC) Price Action Recover

BTC’s recovery hinges on several factors. The passage of the CLARITY Act could be a significant boost for the market. It establishes a clear market structure to regulate the industry and could boost institutional confidence and drive adoption. The bill has advanced from the Senate Banking Committee but faces a crucial test on the Senate floor.

Spot Bitcoin ETF demand is crucial for a sustainable recovery. ETFs have registered substantial outflows so far as investors pulled capital. However, heavy outflows have slowed as sell-side pressure declines. After recording substantial outflows in June, Bitcoin ETFs have recorded considerable inflows in July, a sign that institutional interest could be returning.

BTC registered a sharp bounce after US CPI data revealed inflation declined 0.4% month-on-month in June, the first monthly decline in six years. Headline inflation fell from 4.2% to 3.5%, while core CPI fell to 2.6%. However, inflationary risks remain thanks to renewed US-Iran tensions. Escalating Middle East tensions could push oil prices higher, raising inflationary risks. The markets have also tempered expectations of a rate hike, with the probability of such a hike falling from 78% to 58%.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.