Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 40

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 40
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 a greater number of crypto assets, and develop new crypto -basedproducts and services due to a different standard of regulatory scrutiny. Their business models rely on being unregulated or only regulated in a small number of lower compliance jurisdictions. To date, due to limited enforcement by regulators, we believe many of these competitors have been able to operate from offshore while offering a number of products and services to retail customers, including in Japan and other highly regulated jurisdictions, without complying with the relevant licensing and other requirements in those jurisdictions. Due to our regulated status in Japan and our commitment to legal and regulatory compliance, we have not been able to offer many popular products and services, that our unregulated or less regulated competitors operating outside of Japan are able to offer, and this may adversely impact our business, financial condition, and results of operations. Many innovative start -upcompanies and larger companies have made, and continue to make, significant investments in research and development, and we expect these companies to continue to develop products and technologies that compete with our products. Further, more traditional financial and non -financialservices businesses may choose to offer crypto asset trading services and other crypto -basedservices in the future as such services gain acceptance. Our current and potential competitors may establish cooperative relationships among themselves or with third parties that may further enhance their resources or may also increase their marketing efforts, which could require us to increase our own marketing efforts and incur higher advertising expenses in order to remain competitive. Due to our dependence on revenue from our Marketplace platform business, if current or future competitors offer trading at spreads or commission levels more favorable to retail users than those we offer, our competitive position and operating results could be materially and adversely affected. Our existing competitors have, and our potential competitors are expected to have, various competitive advantages over us, such as: •the ability to trade crypto assets and offer products and services that we do not support or offer on our cryptocurrency marketplace or exchanges, or NFT marketplace (due to constraints from regulatory authorities and other factors) such as tokens that constitute securities or derivative instruments under Japanese law; •greater name recognition, longer operating histories, larger customer bases and larger market shares; •larger sales and marketing budgets and organizations; •more established marketing, banking, and compliance relationships; •greater customer support resources; •greater resources to make acquisitions; •lower labor, compliance, risk mitigation, and research and development costs; 22 •larger and more mature intellectual property portfolios; •greater number of applicable licenses or similar authorizations, including registration as a Type I financial instruments business