Company: OWLS
Filing Date: 2025-09-03
Form Type: F-1
Source: 0001193125-25-195057
Chunk: 198

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-03
Form: F-1
Chunk 198
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 digital assets market, including by specifying the regulatory oversight authority for the applicable regulators and defining key concepts related to the
digital assets. In particular, the CLARITY Act is expected to, if passed, define a digital asset that is intrinsically linked to and derive value from use in a blockchain system as “digital commodities”, and provide for certain exclusion
or exemption for the digital commodities from being treated or regulated as a “security.” Payment stablecoins will be carved out of the definition of digital commodity and subject to the separate regulatory framework as promulgated under
the GENIUS Act. Under the CLARITY Act, the CFTC will have primary regulatory oversight authority over spot digital commodities. CLARITY Act is expected to require an entity that, as a regular business, solicits or accepts orders for the purchase or
sale of digital commodities and maintains control over customer funds or transaction execution, or act as counterparty

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for the purchase or sale of digital commodities, in each case beyond activities incidental to making, sending, receiving or facilitating payments, to register as a digital commodity broker or
digital commodity dealer with the CFTC and subject to additional supervision. Under CLARITY Act, it is also expected that custodying digital commodities in many circumstances would trigger requirements to register with applicable regulators in the
United States. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be promulgated to implement.

We have established policies and practices to evaluate each digital asset we consider for usage in our services, to assess whether any given
digital assets, or whether the development, issuance, and use of such assets, have characteristics that make them more or less likely to implicate U.S. federal securities laws, and expect to continuous refine and adapt our policies and practices in
light of the new legislative and regulatory framework in the United States, as well as in other jurisdictions in which we operate. Our assessment will also be informed by recent enforcement actions and decisions, including those by the SEC. The
primary type of digital asset that our business operations currently involve is stablecoin. Any of our assessment on any digital asset is a risk-based judgment and does not constitute a legal determination binding on regulators or the courts.

Several foreign governments have also issued similar warnings cautioning that digital assets may be deemed to be securities under the laws of
their jurisdictions. We will also become subject to additional regulations as we plan to expand our services internationally. The EU newly adopted the Markets in Crypto-