Malaysian securities regulator released ICO ban

nBankruptcy Review: Recently, the Securities and Exchange Commission (SC) issued a ban on a company that plans to launch an ICO, which prohibits the company from conducting ICO. The company is the CopyCash Foundation. The agency said in a statement that the company’s activity was thoroughly investigated before the ban was issued and that a reasonable chance of disclosure in the CopyCash Foundation white paper and a statement of potential investors found in the investigation violates Securities Law related requirements. And the agency said in its January 5 statement that it would cooperate with regulators at home and abroad on ICO issues.n
nTranslation: Clovern
The Malaysian securities market regulator issued a restraining order before a start-up plans to launch its first digital token issuance (ICO).n
According to a statement issued by the Malaysian Securities Commission (SC), a notice was sent to the CopyCash Foundation after investors conducted an investigation into the company’s publicity. CopyCash promotes itself on its website as a “social investment” platform or as a hybrid of investment and trading.n
The agency said in a statement:n
n”The SC issued the prohibition order after the investigation by SC found that the disclosure in the CopyCash foundation white paper and the reasonable prospect of statements to potential investors would violate the relevant requirements of the securities law.”n
nSC also referenced CopyCash in its January 5 statement on the blockchain financing model and said it plans to meet with representatives of the CopyCash Foundation to “investigate its activities, including the alleged issuance of CopyCashCoin.”n
It is perhaps not surprising that the regulator acted swiftly to release ICO activities that notified CopyCash that the agencies around the world are now acting to strangle ICO activities in the cradle. In its January 5 statement, SCI also said that the agency has taken notice of the upward trend in Malaysia’s ICO promotion activities, including lobbying some older citizens.n
SC said he will work with other agencies, including the Malaysian Central Bank, on ICO issues.n
The agency said at the time:n
n”SC will continue to work with law enforcement agencies such as Bank Negara Malaysia and will work closely with counterparts in other countries to closely monitor these activities and take appropriate action where necessary.”n

Leave a Reply

Your email address will not be published. Required fields are marked *