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

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 20
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 The development of new technologies for mining, such as improved application-specific integrated

circuits (commonly referred to as ASICs), or changes in industry patterns, such as the consolidation of

mining power in a small number of large mining farms, could reduce the security of blockchain

networks, affect liquid supply of crypto assets and the speed of transactions, and reduce a particular

crypto asset’s attractiveness and price.

• If rewards and transaction fees for miners or validators on any particular crypto network are not

sufficiently high to attract and retain miners, a crypto network’s security and speed may be adversely

affected, increasing vulnerability to a malicious attack;

• Many crypto assets have concentrated control, through an “admin key,” that allows a small group of

holders to have significant unilateral control and influence over key decisions relating to their crypto

networks, such as governance decisions and protocol changes, as well as the market price of such

crypto assets.

• The governance of many decentralized blockchain networks is by voluntary consensus and open

competition, and many developers are not directly compensated for their contributions. As a result,

there may be a lack of consensus or clarity on the governance of any particular crypto network, a lack

of incentives for developers to maintain or develop the network, and other unforeseen issues, any of

which could result in unexpected or undesirable errors, bugs, or changes, or stymie the network’s

utility and ability to respond to challenges and grow.

• Many crypto networks are in the early stages of developing partnerships and collaborations which may

not succeed and adversely affect the usability and adoption of the respective crypto assets they support.

Various other technical issues have been uncovered from time to time in our industry that have resulted in

disabled functionalities, exposure of certain users’ personal information, theft of users’ assets, and other negative

consequences, and which required resolution by their global miner, user, and development communities. If any such

risks materialize, and in particular if they are not resolved in a timely manner, the development and growth of crypto

may be significantly affected and, as a result, our business, operating results, and financial condition could be

adversely affected.

A particular crypto asset’s status as a “security” in any relevant jurisdiction remains subject to a high degree of

uncertainty.

All of the crypto assets that we currently offer on our cryptocurrency exchanges, which are offered only to

Japanese residents, have been confirmed by the JVCEA for trading in Japan by companies registered as crypto asset