Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 65

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 65
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” status may differ from the conclusions of the SEC or any conclusions we may draw based on our risk-based assessment regarding the likelihood that a particular
digital asset, product or service could be deemed a “security” or “securities offering” under applicable laws. It is also possible that anticipated changes in the U.S. government or the appointment of new SEC commissioners could
substantially impact the approach to enforcement by the SEC and its staff. Foreign jurisdictions vary in

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their approaches on classifying any digital assets, products and services as “securities.” As a result, certain digital assets, products or services may be classified as a
“security” under the laws of some jurisdictions but not others. Various foreign jurisdictions may, in the future, adopt additional laws, regulations or directives that affect the characterization of digital assets, products or services as
“securities.”

Certain of our business operations, including our payment products and services via stablecoins and our wallet
products, necessarily involve digital assets, including stablecoins. The issuance and resale of digital assets, including stablecoins, may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, AML,
commodities, securities, sanctions, and other laws and regulations in the United States and in other jurisdictions. The classification of a digital asset, product or service as a security under applicable law has broad implications for the
regulatory obligations that flow from the offer, sale, trading and clearing, as applicable, of such assets, products or services.

A
digital asset, product or service that is a “security” in the United States may generally only be offered or sold in the United States pursuant to a registration statement filed with the SEC or in an offering that qualifies for an
exemption from registration. Platforms on which such digital assets are utilized may be required to be regulated as securities intermediaries, and subject to applicable rules, which could effectively render the platform and its products and services
impracticable. For example, persons that effect transactions in digital assets, products or services that are securities in the United States may be subject to registration with the SEC as a “broker” or “dealer”; platforms that
bring together purchasers and sellers to trade digital assets that are securities in the United States are generally subject to registration as national securities exchanges, or must qualify for an exemption, such as by being operated by a
registered broker-dealer as an alternative trading systems (“ATS”) in compliance with rules for ATSs; persons facilitating clearing and settlement of