Company: OWLS
Filing Date: 2025-09-19
Form Type: F-1/A
Source: 0001193125-25-208098
Chunk: 62

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-19
Form: F-1/A
Chunk 62
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 application-specific integrated circuits                                                                                                                                        
 (commonly referred to as ASICs), or changes in industry patterns, such as the consolidation of mining power in a small number of large mining farms, could reduce the security of the blockchain networks where the digital assets, including    
 stablecoins, operate. Any reduction in rewards and transactions fees for miners or validators on any particular blockchain could likewise hurt such blockchain network’s security and increase the likelihood of a malicious attack, which could 
 adversely affect our payment products and services to the extent we depend on such blockchain networks.                                                                                                                                          |

Certain of our business operations, including our payment products and services via stablecoins and our wallet products, are heavily focused on stablecoins such as USDC. Although the prices of stablecoins are intended to be stable compared to their respective reference assets, in many cases the prices of stablecoins, including USDC, could fluctuate, and sometimes do fluctuate significantly. New legislative and regulatory frameworks are being introduced in the United States regarding the regulations of stablecoins and other digital assets. On July 18, 2025, the GENIUS Act was passed and signed into law of the United States, which directs for a federal regulatory framework for the issuance of “payment stablecoins” that are designed to be used as a means of payment and settlement. Under the GENIUS Act, payment stablecoins can only be issued by permitted issuers that are subject to qualifications and regulatory oversight and meet certain reserve, liquidity and periodic disclosure requirements. Non-compliant 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. 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