Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 96

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 96
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 legal counsel. We rely on a combination of trademarks,

trade secrets, copyrights, confidentiality procedures, contractual commitments and other legal rights to establish and

protect our intellectual property. We generally enter into agreements with our employees and consultants that

contain confidentiality provisions to control access to our proprietary information.

Regulatory Environment

The laws and regulations applicable to our current business and operations are concentrated in Japan.

Based on the manner in which we operate our business, as described here and elsewhere in this report, including our

account opening procedures, we do not believe that we are operating as an unregistered exchange, broker-dealer or

clearing agency in the United States.

Overview of Regulatory Framework in Japan

Japan has emerged as one of the largest cryptocurrency markets globally and was the first country to

establish a regulatory framework for cryptocurrencies. In addition to enabling the registration of cryptocurrency

exchange service providers wishing to provide cryptocurrency exchange services to residents in Japan, this

framework seeks to protect customers and to prevent cryptocurrency-related money laundering and terrorism

financing.

However, Japanese law does not have a unified legal framework for digital assets. The legal status of any

given digital asset under Japanese law is determined in accordance with its function and use. In other words, whether

a given digital asset constitutes a “security token” (i. e., ERTRs or ERTRISs under the FIEA) or a “crypto asset” will

be objectively determined based on its functions and uses and the applicable legal analysis thereof. More

specifically, according to the PSA and public comments issued by the JFSA, the definition of crypto assets excludes

ERTRs and ERTRISs. Therefore, to determine the legal status of any given digital asset, we must first determine

that is not an ERTR or ERTRIS, and then assess whether it otherwise satisfies the requirements for a crypto asset

under the PSA. Under the PSA, crypto asset exchange services, or “ CAES,” means, as further defined later in this

section, any business activity involving the sale, purchase, or exchange of crypto assets, or the intermediation,

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brokerage, or agency services related to these activities, including the management of customers’ money or crypto

assets in connection with these activities, and a crypto asset exchange service provider is referred to as a “ CAESP.”

In practice, when a CAESP decides to newly handle a particular digital asset, it will go through the

following three-step process:

(i) The CAESP itself will examine the digital