Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 60

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 60
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(“tax treaties”) concluded between the Netherlands and such jurisdictions. It depends on the provisions of the

relevant tax treaty and the specific circumstances whether we would be entitled to tax treaty benefits and our

entitlement to such benefits may change due to changes to the tax treaty or the interpretation or application thereof

or relevant facts and circumstances. The ability to claim tax treaty benefits may necessitate restructuring our

corporate structure and/or business operations, including changes to our management and organizational structure.

This may result in additional complexity and costs. If we are not eligible to claim materially relevant tax treaty

benefits, this could result in additional tax costs that may have an adverse impact on our ability to efficiently fund,

46

realize investments and/or repatriate income or capital gains from the jurisdictions in which we are or will be active,

and our after tax results and financial condition.

We operate so as to be treated exclusively as a resident of the Netherlands for tax purposes, but other jurisdictions

may also claim taxation rights over us.

As a Dutch limited liability company incorporated under Dutch law, we are in principle deemed to be a tax

resident of the Netherlands subject to Dutch corporate income tax on our worldwide income and obliged to withhold

Dutch dividend withholding tax on (deemed) distributions to our shareholders. We intend to maintain our

organizational and management structure in such a manner that we should be regarded to have our residence for tax

purposes exclusively in the Netherlands and should not be regarded as a tax resident of any other jurisdiction.

Because our group conducts most of its business operations outside of the Netherlands, other jurisdictions, including

Japan, may also claim taxation rights over us, for instance by virtue of tax residency, having a permanent

establishment or otherwise. Furthermore, changes to applicable laws or interpretations thereof may also result in us

ceasing to be exclusively tax resident in the Netherlands. A failure to achieve or maintain exclusive tax residency in

the Netherlands may result in adverse tax consequences. The impact of this risk would differ depending on the

jurisdictions and tax authorities involved and our ability to resolve double taxation issues, for instance through

mutual agreement procedures and/or other dispute resolution mechanisms under an applicable tax treaty or the

dispute resolution mechanism under the EU Arbitration Directive (in case of an EU jurisdiction).

While we do not believe we were a passive foreign investment company (a “ PFIC”) for our most recent taxable

year, and we do not expect to become a PFIC in the current taxable year or in the