Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 157

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 157
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 JVCEA. Potential for growth in the number of registered accounts According to the Japan Securities Dealers Association, the number of brokerage accounts held by individuals in Japan was approximately 37 million as of September 30, 2024. However, according to the JVCEA, there were only approximately 11.8million accounts engaged in trading of crypto assets, including both physical transactions and margin trading, as of December 31, 2024. We believe this shows real potential for growth in investment and trading of crypto assets by Japanese individuals. While Japan is the fourth largest global economy, only 7.7% of the Japanese population owns crypto assets as of February 2024 (versus 17% of the United States population as of January 2024), according to data from the JVCEA and Morning Consult. We believe that this shows the potential for further development of the Japanese crypto asset market. We believe that the Japanese public is highly engaged and willing to participate in the crypto asset revolution and encouraged by the country’s thoughtful crypto regulation model, which is designed around protecting the consumer. In addition, there is a large opportunity to cater to institutional demand in a market with significant regulatory, language, and cultural barriers to entry. Declines in crypto asset prices seen in 2022, negative 102 publicity following the bankruptcy of FTX in November 2022, recent lawsuits filed against large crypto exchanges in June 2023, recent settlements by crypto exchanges and convictions of prominent figures in the crypto industry in November 2023 and ongoing lawsuits by both the SEC and crypto industry leaders in early 2024, have impacted our monthly users, which is on a declining trend since its peak in the first quarter of the year ended Ma rch 31, 2022. However, we have continued to see growth in our number of verified accounts through December 31, 2024. Selected Crypto Adoption Rankings Source:The 2024 Geography of Cryptocurrency Report: Analysis of Geographic Trends in Cryptocurrency Adoption and Usage by Chainalysis, September 2024. Index of crypto adoption determined by rating 151 countries’ peer -to-peerexchange trade volume and on -chaincryptocurrency and retail value received at centralized exchanges and from DeFi protocols from 0 (lowest rank) to 1 (highest rank). A well-developed , domestic regulatory environment for safe and secure trading. While the legal status of crypto assets is unclear in many countries around the world, Japan was one of the first countries to define crypto assets in law and to introduce