SC issues cease and desist order to CopyCash Foundation

  • Securities Commission Malaysia stops CopyCash from launching its Initial Coin Offering
  • SC to monitor ICO schemes given heightened risks

SC issues cease and desist order to CopyCash Foundation

The Securities Commission Malaysia (SC) has directed CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO) on 10 January 2018 in Malaysia.

In a press statement issued on Jan 9, the SC said this directive covers all activities as described in or incidental to CopyCash Foundation’s white paper pursuant to the ICO, including any roadshows, seminars or promotional events related to the scheme.

Accrding to the SC this was following its inquiry after it found that there is a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.

The SC advises investors to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes. While the SC continues to facilitate use cases of digital assets in the capital market, it remains vigilant in monitoring ICO schemes given the heightened risks, and will not hesitate to take action where necessary.

CopyCash had initially planned to conduct an ICO of 30 million CopyCashCoin previously but had to put the plan on hold pending a meeting with the SC.

CopyCash had also organised a press conference on Jan 9, the eve of its ICO, but cancelled it at the eleventh hour.

Related Stories:

HelloGold-Boost partnership enables more users to purchase gold

Accelerating blockchain with interconnection

FIU Codeathon exemplifies collaborative way to tackle Counter-Terrorism Financing

 
Keyword(s) :
 
Author Name :
 

By commenting below, you agree to abide by our ground rules.

Subscribe to SNAP
Download Digerati50 2018-2019 PDF

Digerati50 2018-2019

Get and download a digital copy of Digerati50 2018-2019