
	As of March 31,	Recognized through profit or loss	As of March 31,
(In millions)	2023	Recognized through profit or loss	2024
Deferred tax assets:
Lease liabilities	¥107	¥415	¥522
Tax losses carried forward	493	(467)	26
Accrued enterprise tax	—	36	36
Accrued bonuses	—	71	71
Accrued expenses	58	40	98
Accrued paid leaves	17	(1)	16
Reversal for valuation gain of crypto assets held (non-current assets)	12	(12)	—
Leasehold improvements	45	(26)	19
Asset retirement obligations	69	(32)	37
Impairment loss of crypto assets held (non- current assets)	21	(21)	—
Change in fair value of crypto assets held (non- current assets)	23	(23)	—
Write-down for crypto assets held (current assets)	27	(27)	—
Other	18	15	33
Total deferred tax assets	¥890	¥(32)	¥858

Deferred tax liabilities:
Lease assets	¥107	¥392	¥499
Asset retirement obligation	44	(38)	6
Total deferred tax liabilities	¥151	¥354	¥505


	As of March 31,	Recognized through profit or loss	Addition (business combination)	As of March 31,
(In millions)	2024	Recognized through profit or loss	Addition (business combination)	2025
Deferred tax assets:
Lease liabilities	¥522	¥(97)	¥—	¥425
Tax losses carried forward	26	(26)	49	49
Accrued enterprise tax	36	13	—	49
Accrued bonuses	71	27	—	98
Accrued expenses	98	(22)	—	76
Accrued paid leaves	16	—	—	16
Leasehold improvements	19	17	—	36
Asset retirement obligations	37	70	—	107
Other	33	(4)	—	29
Total deferred tax assets	¥858	¥(22)	¥49	¥885

Deferred tax liabilities:
Lease assets	499	(104)	—	395
Asset retirement obligation	6	98	—	104
Total deferred tax liabilities	¥505	¥(6)	¥—	¥499

Deferred tax assets and deferred tax liabilities presented in the consolidated statements of financial position are

as follows:

In the year ended March 31, 2023, Coincheck did not make profit and recognized tax losses. Coincheck fully

recognized deferred tax assets in respect of unused tax losses as of March 31, 2023, because Coincheck

estimated that it would be probable to generate sufficient future taxable profits considering the long-term market

trend and by reference to the operating results in past years.

In the year ended March 31, 2024, Coincheck generated profits and utilized most of the tax losses carried

forward from prior years. As of March 31, 2024, Coincheck fully recognized the deferred tax assets in respect

of the remaining unused tax losses. Coincheck estimated that it would be probable to generate sufficient future

taxable profits to utilize the tax losses considering the recent performance of cryptocurrency market.

In the year ended March 31, 2025, Coincheck generated profits and utilized all the tax losses carried forward

from prior years. As of March 31, 2025, Next Finance fully recognized the deferred tax assets related to the

remaining unused tax losses, based on an estimate that it would be probable to generate sufficient future taxable

profits to utilize the tax losses according to its future business plan.

However, Coincheck Parent and CCG AS do not recognize deferred tax assets for tax losses of ¥3,180 million

due to the fact that sufficient future taxable profits are not expected. There is no expiration date for the tax loss

carried forward.

(2)Income tax expense (benefits)

Income tax expenses (benefits) consist of the following:


	For the fiscal year ended March 31,
(In millions)	2023	2024	2025
Current tax expenses
Reporting period	¥15	¥487	¥976
Sub-total	15	487	976
Deferred tax expenses (benefits)
Origination and reversal of temporary differences	188	(82)	14
Origination and reversal of tax losses carried forward	(459)	468	26
Increase in tax rate	—	—	(25)
Recognition of previously unrecognized deductible temporary differences	(31)	—	—
Sub-total	(303)	386	15
Total income tax expenses (benefits)	¥(287)	¥873	¥991

Current tax expenses include the amount of benefits arising from previously unrecognized tax loss carryforward

and temporary differences of prior years that are used to reduce the current taxes. Corporate tax, inhabitant tax

and deductible enterprise tax are levied against the Company, and the statutory tax rate in Japan calculated

based on these taxes was 30.6% for the years ended March 31, 2023, 2024 and 2025.

As a result of the enactment of the “Act Partially Amending the Income Tax Act, etc.” (Act No. 13 of 2025) by

the Japan National Diet on March 31, 2025, the corporate tax rate for Coincheck and other subsidiaries in Japan

will be changed beginning with the fiscal year commencing April 1, 2026. Accordingly, the statutory effective

tax rate used in the calculation of the relevant deferred tax assets and deferred tax liabilities has been changed

from 30.6% to 31.5%.

For the year ended March 31, 2025, the effective statutory tax rate of Coincheck Parent is 25.8%. For other

subsidiaries, local corporate and other tax rates have been applied.

Reconciliation between the statutory effective tax rate and the effective tax rate in the consolidated statements

of profit or loss and other comprehensive income is as follows:


%	For the fiscal year ended March 31,
	2023(1)	2024	2025(3)
Statutory effective tax rate	30.6%	30.6%	25.8%
Permanent difference	—%	—%	(26.5)%
Tax rate differences with Coincheck Parent	—%	—%	(1.3)%
Current-year losses for which no deferred tax asset is recognised	—%	—%	(6.0)%
Non-deductible expenses	(0.8)%	0.1%	0.7%
Others(2)	4.1%	—%	(0.1)%
Effective tax rate	33.9%	30.7%	(7.4)%

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