Literacy and QoL Financial Literacy Quality of Life Fintech Adoption Risks and Uncertainty to Adopt New Technology Security Risk Operational Risk Financial Risk Leisure-Freedom-Internal Locus of Control

Governance Attributes Board Committee Characteristics 1) Board Size 2) Board Independence 3) Board Duality 4) Board Meeting Audit Committee Characteristics 1) Audit Committee Size 2) Audit Committee Expertise

criteria* for independence between each other. This is part of an effort to enhance the qualification of the Digital Asset Custodian Wallet Providers to ease the requirements for these providers that have

Doing Business Index Fragile States Index Freedom in the World Scores Global Competitiveness Index Resource Governance Index Press Freedom Rankings Women, Business, and the Law Worldwide Governance

concerning Rules on Rendering a Waiver of Appointing Independence Director of Securities Company or the Notification of the Office of Securities and Exchange Commission concerning Rules on Rendering a Waiver

rendered a waiver of appointing an independent director under the Notification of the Office of the Securities and Exchange Commission concerning Rules on Rendering a Waiver of Appointing Independence

index returns Performance = Performance measures of Sharpe, Sortino and KJ ratio Heritage = Yearly freedom scored calculated by The Heritage Foundation 15 IV. Results The first set of results reflect the

whether or not the company (and its management) have complied and, if not, the extent of, and reasons for, non-compliance.  (i) Governments in each country should adopt measures to ensure the independence

positive emotions of solidarity and a 7 SEC Classification : ใชภ้ายใน (Internal) strong sense of autonomy among individuals inside a company (Griffin, Li, and Xu, 2021; Li, Liu, Mai, and Zhang, 2021

ratio) 7 : 1 6 : 1 * ) 12 5. KPMG 2564 Big 4 Independence testing 6. KPMG 2564 Big 4 1 13 7. KPMG 2564* Big 4 (Listed company /partner) 22 2.84 * / portfolio allocation 2 108 / KPMG 2564 54