Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 153

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 153
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, 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 

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such tokens with Japanese or foreign fiat currencies or crypto assets, such tokens would likely also constitute crypto 
assets under the PSA.
In addition, the JVCEA has published SRO Rules and guidelines regarding ICOs for crypto asset-type 
tokens, 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) raised from the ICO/IEO must be segregated;
•there must be proper account processing and financial disclosure of funds raised from the ICO/IEO;
•there must be assurance of the safety of the newly issued tokens, and the relevant