Japanese registered money lender CRYL launched a Bitcoin-backed loan service on July 9, 2026, enabling individuals and businesses to borrow Japanese yen without selling their BTC. The loans range from 1 million yen (about $6,200) to 1 billion yen (approximately $6.2 million), with annual interest rates between 3.5% and 7%. Collateral ratios vary from 40% to 60%, depending on the borrower and loan terms, and the typical loan term is one year, with a possibility of extension.
Borrowers must transfer Bitcoin to CRYL as the only accepted collateral, receiving yen in return. The service is designed for long-term BTC holders who need liquidity for tax payments, living costs, business expenses, or property purchases while avoiding the taxable event triggered by selling crypto—gains in Japan can be taxed at up to 55% as miscellaneous income.
CRYL also provides a revolving credit line option, allowing additional borrowing as long as the loan-to-value ratio stays below 60%. Overdue balances incur a 20% annual penalty rate, and the company warns that a drop in Bitcoin’s price could affect collateral positions. The product targets individual investors, sole traders, and corporate clients, complementing similar services already available, such as Fintertech’s crypto-backed loans (since 2020) with terms up to 3 million USD and support for both BTC and Ether.
The launch reflects a growing trend in Japan’s crypto credit market, with other initiatives like Metaplanet’s study of Bitcoin-backed digital bonds. Globally, Bitcoin-backed lending is expanding, with platforms like Strike and BitGo offering institutional-grade financing products. CRYL’s entry provides a regulated alternative for Japanese holders under the oversight of the Japan Financial Services Association and its parent J-CAM group’s BitLending service.
