Company: OWLS
Filing Date: 2025-09-19
Form Type: F-1/A
Source: 0001193125-25-208098
Chunk: 199

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-19
Form: F-1/A
Chunk 199
---
 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

133

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 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