Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 23

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 23
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• the NFT is a non-substitutable token recorded on the blockchain, or whether the token standard is

ERC-721 or not, as we currently only support ERC-721;

• the listing of the NFT on the Coincheck NFT Marketplace is regulated by any applicable laws or

regulations;

• the NFT itself breaches any applicable laws and rights (including whether any work is being used

without the permission of the copyright holder);

• the operating company of the NFT has any particular issues (including whether it engages with or is

considered to be an anti-social force); and

• the operating company of the NFT is in compliance with applicable laws and regulations in connection

with the NFT.

25

There can be no assurance that the procedures we use are sufficient to comply with applicable laws and

regulations, which remain uncertain and subject to rapid changes, or to identify all third-party rights issues. For

example, NFTs raise various intellectual property law considerations, including relating to ownership, copyrights,

trademarks and rights of publicity. The creator of an NFT will often have, or purport to have, all rights to the content

of the NFT and rights to assign to a buyer, such as the right to display, modify, or copy the content, so risks include

purchasing counterfeit items, or items alleged to be counterfeit, mislabeled items, items that are vulnerable to

metadata decay, items on smart contracts with bugs, intellectual property infringement claims, and items that may

become untransferable. To the extent that, despite our screening procedures for supported NFTs designed to prevent

such issues, we are directly or indirectly involved in a dispute between creators and buyers on our Coincheck NFT

Marketplace it could adversely affect the success of our Coincheck NFT Marketplace and harm our business,

operating results, and financial condition.

Although NFTs are generally not regulated or deemed crypto assets under Japan’s PSA (See “ Business

Overview - Regulatory Environment”), it is difficult to predict how the legal and regulatory framework around

NFTs will develop and how such developments will impact our business and our Coincheck NFT Marketplace.

Outside of Japan, the appropriate regulation of NFTs is under active study in major jurisdictions. For example, NFTs

are currently excluded from the scope of the European Union’s Markets in Crypto Assets Regulation (“ MiCA”), but,

pursuant to Article 142, the European Commission is required to publish a