Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 100

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 100
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 equivalent amount of the total Deposited

Crypto Assets in cold wallets;

• a CAESP that manages less than 5% of the Japanese yen equivalent amount of the total Deposited

Crypto Assets in a wallet other than a cold wallet (i. e., in hot wallets) must manage the same type and

amount of its own crypto assets (“ Redemption Guarantee Crypto Assets”) in a cold wallet to protect

users against the risk of loss of crypto assets from the hot wallets; and

• users will have preference rights to repayment over the Deposited Crypto Assets and Redemption

Guarantee Crypto Assets (Article 63-19-2 of the PSA). Such priority security interest is specifically

stipulated in the PSA, because it is not clear whether bankruptcy segregation would be effective for

Deposited Crypto Assets and Redemption Guarantee Crypto Assets in the event of the failure of such

CAESP. Therefore, Article 63-19-2 of the PSA allows users the right to receive repayment of

Deposited Crypto Assets and Redemption Guarantee Crypto Assets in advance of other creditors in

preparation for the risk of failure of CAESPs.

If an individual affiliated with a CAESP fails to properly segregate users’ fiat currency or crypto assets, he/

she can face punishment including confinement punishment (koukin-kei) for not more than two years, a fine of not

more than three million yen, or both, and the CAESP itself can also be subject to a fine of not more than three

hundred million yen. In addition, if an individual affiliated with a CAESP fails to hold Redemption Guarantee

Crypto Assets in violation of the PSA or violates its obligation to segregate Redemption Guarantee Crypto Assets,

he/she can face punishment including confinement punishment (koukin-kei) for not more than two years, a fine of

not more than three million yen, or both, and the CAESP itself can also be subject to a fine of not more than three

hundred million yen.

76

Self-Regulatory Organization and Self-Regulatory Rules on Crypto Asset Exchange Service Providers

For purposes of securing proper implementation of CAES and protection of users of CAESPs, the JVCEA

has been appointed as an approved self-regulatory organization under the PSA. The JVCEA establishes its own rules

(the “ SRO Rules”) and members of the JVCEA are required to comply with the SRO Rules in addition to the PSA

and other applicable regulations.

The primary activities of