Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 143

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 143
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 confidentiality provisions to control access to our proprietary information.
Regulatory Environment
The laws and regulations applicable to our current business and operations are concentrated in Japan.  
Based on the manner in which we operate our business, as described here and elsewhere in this report, including our 
account opening procedures, we do not believe that we are operating as an unregistered exchange, broker-dealer or 
clearing agency in the United States.
Overview of Regulatory Framework in Japan
Japan has emerged as one of the largest cryptocurrency markets globally and was the first country to 
establish a regulatory framework for cryptocurrencies. In addition to enabling the registration of cryptocurrency 
exchange service providers wishing to provide cryptocurrency exchange services to residents in Japan, this 
framework seeks to protect customers and to prevent cryptocurrency-related money laundering and terrorism 
financing.
However, Japanese law does not have a unified legal framework for digital assets. The legal status of any 
given digital asset under Japanese law is determined in accordance with its function and use. In other words, whether 
a given digital asset constitutes a “security token” (i.e., ERTRs or ERTRISs under the FIEA) or a “crypto asset” will 
be objectively determined based on its functions and uses and the applicable legal analysis thereof. More 
specifically, according to the PSA and public comments issued by the JFSA, the definition of crypto assets excludes 
ERTRs and ERTRISs. Therefore, to determine the legal status of any given digital asset, we must first determine 
that is not an ERTR or ERTRIS, and then assess whether it otherwise satisfies the requirements for a crypto asset 
under the PSA. Under the PSA, crypto asset exchange services, or “CAES,” means, as further defined later in this 
section, any business activity involving the sale, purchase, or exchange of crypto assets, or the intermediation, 

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brokerage, or agency services related to these activities, including the management of customers’ money or crypto 
assets in connection with these activities, and a crypto asset exchange service provider is referred to as a “CAESP.”
In practice, when a CAESP decides to newly handle a particular digital asset, it will go through the 
following three-step process:
(i)     The CAESP itself will examine the digital asset in question to confirm that it does not fall within the 
category of ERTRs or ERTRISs and is therefore a crypto asset.
(ii)    The results of the CAESP’s examination will be reported to