Company: OWLS
Filing Date: 2025-09-24
Form Type: F-1/A
Source: 0001193125-25-213968
Chunk: 66

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-24
Form: F-1/A
Chunk 66
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 as a result of further growth of our OwlPayservices. Under 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 register with and are subject to certain supervision by applicable regulators in the United
States. 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. Our business operations could become subject to such
registration requirements and supervision by various regulators, subject to the specific rules promulgated under these Acts, and our business and financial performances could be adversely affected by additional compliance burdens and costs.

We may own stablecoins for our own account as a part of our
day-to-day operations for our payment services. While we have been building relationships with Circle, the issuer of USDC, and Coinbase Prime, a digital asset exchange,
under which we may convert between USDC and U.S. dollars in fiat currency at a one-to-one conversion rate, we cannot assure you that Circle or any other stablecoin
issuers or collaborators would always hold the corresponding asset underlying each stablecoin in circulation and are therefore able to fulfill one-for-one conversion, or
that Coinbase Prime or any other digital asset exchange would be able to transact for us between USDC and U.S. dollars at a one-to-one conversion. See “Business—Our Third-Party Collaborations.” In addition, many stablecoin issuers
are unregulated and do not provide transparent disclosure regarding their compliance with applicable licensing and regulatory requirements or the financial institutions that hold the underlying stable assets. Some stablecoins issuers may become
subject to regulatory enforcement actions that could adversely impact their ability to continue operating and accepting conversion of stablecoins. There could also be volatility in stablecoins, operational issues with stablecoins (for example,
technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries supporting stablecoins. Any of the above could affect, among
others, the value, credentials, exchangeability and liquidity of stablecoins.

In connection with our day-to-day business operations in payment, we may also hold digital assets other than stablecoins, including for our payment of gas fees. Digital assets have historically experienced high levels of volatility
far in excess of that experienced in fiat currencies. Digital asset prices and volatility may be determined by a range of factors