Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 160

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 160
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2025 TRUST only supported BTC, ETH, LSK, BAT, ENJ, SAND, FNCT, CHZ, LINK, DAI, MKR, AXS, APE, IMX, WBTC, SHIB, PEPE, MASK, MANA, and GRT. Impact on Business As stated above, under the new travel rule, we are currently restricted from sending crypto assets to CAESPs in Japan, except for those that have adopted the TRUST system. In addition, some of the crypto assets we handle are currently not supported by TRUST. Although we have not observed any adverse impact to our businesses (including OTC trading services and exchange services) since the Revised APTCP came into effect, customers may stop using our services due to the inconvenience, which in turn may have an adverse impact on our business in the future. Regulations on Initial Coin Offerings There are various types of tokens issued by way of initial coin offerings (“ICOs”), and Japanese regulations applicable to ICOs vary according to the respective schemes. If a token falls within the definition of crypto asset, crypto asset regulations under the PSA will apply. In Japan, (i) if tokens issued via ICOs are already handled by Japanese or foreign exchanges, such tokens would constitute crypto assets under the PSA based on the rationale that exchange markets for such tokens must already be in existence, and (ii) (in cases where tokens are not yet handled by Japanese or foreign exchanges) if the token issuer does not impose substantial restrictions on the exchange of such tokens with Japanese or foreign fiat currencies or crypto assets, such tokens would likely also constitute crypto assets under the PSA. 105 In addition, the JVCEA has published SRO Rules and guidelines regarding ICOs for crypto asset -typetokens, entitled “Rules for Selling New Crypto Assets” (the “ICO Rules”). Under the ICO Rules, there are two types of ICOs, which can be described as follows: (i) a CAESP issues new tokens and sells such tokens by itself; or (ii) a token issuer delegates CAESPs to sell the newly issued tokens (IEOs). Under the ICO Rules, the following requirements have to be met for both types of ICO: •a system for the review of a targeted business that raises funds via ICO/IEO must be established; •information in respect of the token, the proposed use of proceeds raised from the ICO/IEO, and the like, must be disclosed; •management of funds (both fiat and crypto assets