Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 154

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 154
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 blockchain, smart
contract, wallet tool, and the like; and
•there must be proper valuation 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:

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•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