Company: OWLS
Filing Date: 2025-09-24
Form Type: F-1/A
Source: 0001193125-25-213968
Chunk: 75

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-24
Form: F-1/A
Chunk 75
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 digital
assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions.”

A particular digital asset may be subject to regulatory authority by the Commodity Futures Trading Commission (“CFTC”). Any fraudulent or manipulative activity in a digital asset occurring via our products or services could subject us to increased regulatory scrutiny, regulatory enforcement, and litigation.

The CFTC has stated and judicial decisions involving the CFTC enforcement actions have confirmed that at least some digital assets, including
stablecoins such as USDC, fall within the definition of a “commodity” under the U.S. Commodity Exchange Act of 1936. Furthermore, the U.S. legislature 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, including the CFTC. 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 subject such digital assets to the oversight by the CFTC. Notably, under the CLARITY Act, payment stablecoins will be carved out of the definition of digital
commodity and subject to a separate regulatory framework.

Under the CLARITY Act, the CFTC will have primary regulatory oversight
authority over spot digital commodities. To the extent that we are deemed to be 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, we may be required to register as a digital commodity
broker or digital commodity dealer with the CFTC and subject to additional supervision, which could affect our regulatory compliance burden. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be
promulgated to implement. The CFTC has general enforcement authority to police against manipulation and fraud in connection with transactions involving in at least some spot digital assets. From time to time, manipulation, fraud, and other forms of
improper activity by market participants have resulted in, and may in the future result in, CFTC investigations, inquiries and enforcement actions, similar actions by other regulators