Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 170

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 170
---
 any given period, in determining appropriate levels of marketing expenditures. In addition, we plan 
to continue to invest in the development of and market new products and services.
Regulation in Japan and international markets
Our financial prospects and continued growth depend in part on our ability to continue to operate in a 
manner compliant with applicable regulations. Our business is subject to the oversight of numerous regulatory and 
self-regulatory agencies in Japan, including, but not limited to, JFSA and the JVCEA. We received our license as a 
crypto asset exchange service provider from the JFSA in January 2019.
Our strategy is to continue to invest in our finance, legal, compliance, and security functions in order to 
remain at the forefront of crypto policy initiatives and regulatory trends in Japan and maintain our reputation and 
trust with customers and regulators. Mr. Satoshi Hasuo, our Chief Operating Officer, is also a director of the 
JVCEA, and we have a leadership role in the regulatory working group of the JVCEA.  As the industry matures, we 
may experience fluctuations in our operating results as a result of changes in the law and regulations that are 
applicable to our business, which may limit our ability to support new blockchains and crypto assets and offer our 
products and services.
We may in the future expand our services into markets outside of Japan. Several regulatory bodies across 
the world have enacted or signaled changes to regulatory policy. Given the rapid pace of change in the crypto 
exchange industry and the evolving regulatory environment globally, any expansion of our business, through 
acquisitions or otherwise, outside of Japan would subject us to additional and differing regulatory regimes and likely 
significant compliance costs. 
Additionally, as an SEC-registered company that is listed on Nasdaq, we are subject to certain reporting 
and regulatory requirements in the United States. In the United States, on January 21, 2025, the SEC announced the 
formation of the Crypto Task Force, chaired by SEC Commissioner Hester Peirce. Also in January 2025, the SEC 
released SAB No. 122, rescinding SAB No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity 
Holds for Platform Users, which, until repealed, required an entity to record a liability to reflect its obligation to 
safeguard the crypto assets held for its platform users with a corresponding asset and required disclosures related to 

93

the entity’s safeguarding obligations. SAB No