Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 107

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 107
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 of the newly issued tokens.

Furthermore, any tokens supported for trading on CAESPs through an IEO are subject to substantially the

same screening process by such CAESPs and the JVCEA as applied to other crypto assets handled by the CAESPs

to confirm that they do not fall within the category of ERTRs or ERTRISs.

Regulations Governing Crypto Asset Derivatives Transactions

The FIEA regulates derivative transactions that use crypto assets as underlying assets (“ Crypto Asset

Derivatives Transactions”) for the purpose of protecting users and ensuring that such transactions are conducted

appropriately. As Crypto Assets are included in the definition of “ Financial Instruments” under the FIEA, the

conduct of Over-the-Counter Derivatives Transactions relating to Crypto Assets (“ OTC Crypto Asset Derivatives

Transactions”) or related intermediary (baikai) or brokerage (toritsugi) activities constitute Type I financial

instruments business. Accordingly, business operators engaging in OTC Crypto Asset Derivatives Transactions are

required to undergo registration as Type I FIBOs.

Any entity that intends to be a Type I FIBO is required to meet certain asset requirements, including

having:

(i) a stated capital of at least ¥50 million;

(ii) net assets of at least ¥50 million; and

(iii) a capital-to-risk ratio of at least 120%.

Coincheck does not currently offer OTC Crypto Asset Derivatives Transactions.

Prohibitions Against Unfair Acts in Respect of Spot Trading of Crypto Assets or Crypto Asset Derivative

Transactions

The FIEA contains the following prohibitions against unfair acts (the conduct of which is punishable by

penalties) in respect of spot trading of crypto assets and Crypto Asset Derivative Transactions, regardless of the

violating party:

81

• prohibition against wrongful acts;

• prohibition against dissemination of rumors, usage of fraudulent means, assault or intimidation; and

• prohibition against market manipulation (including, but not limited to, conducting a false purchase and

sale of crypto assets (i. e., wash trading of crypto assets)).

In addition, unfair transactions involving these crypto assets and Crypto Asset Derivative Transactions are

also regulated by the JVCEA SRO Rules entitled “ Regulations Concerning Prevention of Unfair Transactions in

Crypto Asset Exchange Business” and “ Regulations Concerning Prevention of Unfair Transactions in Crypto Asset

Related Derivative Transaction Business.” Specifically, the JVCEA SRO Rules require CAESPs to establish the