Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 22

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 22
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 securities intermediaries, which could

effectively render operation of the networks for their existing purposes impracticable.

We also operate Coincheck NFT Marketplace, which may expose us to legal, regulatory, and other risks that

could adversely affect our business, operating results, and financial condition.

We operate Coincheck NFT Marketplace, which was launched in March 2021. While NFTs and

cryptocurrencies are similar in that both are based on blockchain technology, unlike cryptocurrency units, which are

fungible, NFTs have unique identification codes and often reference content in areas such as games, arts and sports.

NFTs are a relatively newer and emerging type of digital asset, and the regulatory, commercial, and legal framework

governing NFTs is expected to evolve both in Japan and other jurisdictions. NFTs, as unique items, are not currently

regulated as crypto assets under Japan’s PSA, and we review supported NFTs before inclusion to confirm whether

they could be regarded as either “securities” or “crypto assets” under current Japanese regulations. It is possible,

however, that our determination of the status of particular NFTs could be challenged or that new regulations

applicable to buying and selling of NFTs generally could be introduced in Japan. Our Coincheck NFT Marketplace

is only available to customers who have established crypto asset exchange services accounts with us and therefore

were subject to our KYC approval process. There can be no assurance that the KYC and other procedures that we

have implemented for our crypto asset exchange services accounts will be sufficient to comply with any future

regulations applicable to the operation of Coincheck NFT Marketplace, and we could be required to make changes

to our Coincheck NFT Marketplace or other operating procedures in order to comply with any such regulations,

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

results, and financial condition.

As the trading of NFTs potentially implicates issues regarding a range of matters, including, but not limited

to, intellectual property rights, privacy and cybersecurity, fraud, anti-money laundering, money transmission,

sanctions, and currency, commodity, and securities law compliance, to help manage risks we have established an

approval process, conducted in three stages, with our Business Development Office performing the initial review

and the Legal & Compliance Department performing the secondary review prior to the final review by an internal

review committee, based on the following criteria, which is whether: