carefully and make sure that they are capable of accepting the price volatility risk before allocating an appropriate amount of investment money to digital assets, which are exposed to high risks due to price

next decade, such as volatility of capital flows, direction of the new rules and standards in connection with extraterritorial issues, world financial and economic connectivity with more intensified

of 1 DEC 2020 Bear Market Bear Market Source : Yahoo Finance, Bloomberg compiled by SEC Digital Assets - Global SEC Classification : ใชภ้ายใน (Internal) Volatility comparison for cryptocurrency Source

, 1987; Budish et al., 2014, 2015) • Provide more accurate price discovery (Barclay & Hendershott, 2008; Li et al., 2021) and reduce volatility and improve liquidity (Eom et al., 2021;Huang & Tasi, 2008) 4

could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leakage, or money laundering, etc.Recognizing such risks and implications, regulators will

% to 24% in 1st quarter 2018. World sugar price volatility At the beginning of 2017, world sugar price has climbed up to 20 cent/lb then dropped sharply to 13 – 14 cent/lb at the beginning of 2018 due to

างสูงมากและคงที่ ไมไดแปรผันตาม Historical Volatility ของปจจัยอางอิง และสวนใหญไมไดมีการเปดเผยคา Implied Volatility ไวอยางชัดเจน หรือในกรณีที่มีการเปดเผยขอมูลก็เปนการเปดเผยขอมูลในลักษณะ

. The main reason that the revenue from sales has decreased due to the Rubber wood kiln dried sawn timber which is the main business of the company in 2018 has highly volatility of the market that caused

of 23%. The details were as followings; Revenue decrease due to World sugar price volatility At the beginning of 2017, world sugar price has climbed up to 20 cent/lb then dropped sharply to 13 - 14

from the same period of last year due to loss on forward contract caused by foreign exchange volatility during the Covid-19 pandemic. 1.2 Cost of goods sold and expenses Consolidated financial statements