BlackRock's Tokenized Equities on Solana, Thai Tax Exemption Redraw Crypto's Institutional Map

The July crypto turmoil, marked by Coldcard security concerns, Bitcoin liquidations, and regulatory pressure, was offset by structural shifts. BlackRock has moved tokenized equities onto Solana, and Thailand enacted a five-year capital gains tax exemption on qualifying crypto gains.

These developments are likely to redirect institutional flows and DeFi/CEX liquidity toward high-throughput chains with settlement primitives and tax clarity. The real-world assets on-chain have topped $20 billion.

The shift is also driven by regulatory clarity, as countries like Thailand offer fiscal consistency in handling digital assets. This contrasts with jurisdictions still entangled in legislative gridlock, such as the United States debating bills like the GENIUS Act amid heavy bank lobbying.