Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 8

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 8
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 if any, projected by us in our analyses to support our

decisions to acquire or invest may not be realized as we have projected, or at all. We may have to pay cash, incur

debt, or issue equity securities to pay for any such acquisition, any of which could adversely affect our financial

results and result in share dilution. Any substantial indebtedness incurred to complete the acquisition or support the

acquired company’s business thereafter would result in increased fixed obligations and may include covenants or

other restrictions that would impede our ability to manage our operations.

If we expand to markets outside of Japan, which is our intention, our obligations to comply with the laws, rules,

regulations, and policies of a variety of jurisdictions will increase and we may be subject to investigations and

enforcement actions by non-Japanese regulators and governmental authorities.

16

If we expand into markets outside of Japan, which is our intention if and as we explore opportunities we

deem attractive, we will become obligated to comply (or oversee new foreign operating subsidiaries’ obligations to

comply) with the laws, rules, regulations, policies, and legal interpretations both of the jurisdictions in which we

operate and those into which we offer services on a cross-border basis. For instance, financial regulators outside of

Japan have significantly increased their scrutiny of crypto asset exchanges, such as by requiring crypto asset

exchanges operating in their local jurisdictions to be regulated and licensed under local laws. In response to concerns

that crypto assets could be used to circumvent certain sanctions regimes, governments and regulators may also

implement new measures and regulations that restrict the operations of crypto asset exchanges. Moreover, laws

regulating financial services, the internet, mobile technologies, crypto assets, and related technologies outside of

Japan are rapidly evolving, complex and often impose different, more specific, or even conflicting obligations on us,

as well as potentially broader liability.

Regulators worldwide frequently study each other’s approaches to the regulation of crypto assets.

Consequently, developments in any particular jurisdiction may influence other jurisdictions. New developments in

one jurisdiction may be extended to additional services and other jurisdictions. As a result, the risks created by any

new law or regulation in one jurisdiction are magnified by the potential that they may be replicated, affecting our

business in another place or involving another service. Conversely, if regulations diverge worldwide, we may face

difficulty adjusting our products, services, and other aspects of our business to serve customers in jurisdictions

outside of Japan. To the