Company: OWLS
Filing Date: 2025-09-24
Form Type: F-1/A
Source: 0001193125-25-213968
Chunk: 200

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-24
Form: F-1/A
Chunk 200
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 stablecoins, beginning from three years (or such other periods as specified in the Act) from the enactment of the GENIUS Act, will be prohibited from secondary
market trading or being offered or sold in the United States by a digital asset service provider, subject to limited exceptions. Under the GENIUS Act, a person may only provide custodial or safekeeping services for payment stablecoin reserves,
payment stablecoins used as collateral, or private keys used to issue payment stablecoins if they are subject to certain supervision by applicable regulators in the United States. Specific rules will need to be promulgated under the GENIUS Act to
implement the act. In addition, the U.S. Congress is contemplating the CLARITY Act to establish the regulatory framework for digital assets and 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

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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 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