Coincheck Group (CNCK) Corporate presentation summary

Anticipated regulatory developments in Japan

• Japan is moving crypto under FIEA, treating it like stocks and bonds with stricter oversight and mandatory disclosures, paving the way for lower individual tax rates on crypto gains.

• Institutional product channels will be enabled, allowing for crypto ETFs, investment trusts, and institutional fund wrappers, attracting institutional players.

• Retail tax alignment is expected, with a 20% separate tax on eligible crypto gains, down from up to 55%, pending final adoption in early 2028.

Mega trend 1: Crypto-as-a-Service (CaaS)

• CaaS enables banks, fintechs, and platforms to offer crypto to clients without needing a full exchange license or custody, leveraging introducing broker agreements.

• Targets two major retail channels: Japan’s ¥1,140tn cash pool and the ¥2.8tn points economy, both underutilized for investment.

• CaaS allows crypto to be distributed through familiar apps, making it accessible to cash-rich clients and point collectors.

• Live deployments include partnerships with Mercari, KDDI, Credit Saison, and Metaplanet, embedding crypto into mainstream platforms.

Mega trend 2: Institutional unlock

• Japanese institutional sentiment toward crypto has shifted, with 79% planning to invest within three years and 65% viewing crypto as a diversification tool.

• Institutional interest is driven by diversification and low correlation to other assets, not speculation.

• Real money is moving, with pension funds and large asset managers exploring crypto allocations.

• Integrated group capabilities are being built to support ETFs and funds, including product design, custody, liquidity, and staking.