The Securities Commission Malaysia (SC) says it has noticed an increase in initial coin offerings (ICOs) and the solicitation of the general public – including senior citizens. The cautionary statement by the SC was apparently cased by the forthcoming CopyCashCoin ICO that is scheduled to take place on January 10th with a kick off event in Kuala Lumpur. This crypto offering, from a Singapore-registered foundation, has been organizing seminars and talks in Malaysian cities including Kuala Lumpur and Penang. These talks at hotels and cafes are designed to boost investor interest.
Given that these solicitation activities may fall under existing securities laws, the SC said it would be calling key officers of the Foundation to inquire into its activities including the purported launch of the CopyCashCoin ICO.
According to the CopyCash website, the Foundation is regulated by the law of Singapore and the ACRA. The Foundation’s mission is to “promote and support CopyCash and keep running this decentralized application to be a more globally accessible and trust worthier Platform.” CopyCash says it is “able to provide a transparent social trading and copy trading platform built on blockchain, where trading signals from top traders are made public.” A private sale of CCC Tokens has been completed. CopyCash held an “empowering session” in Kuala Lumpur on December 13th where it asked participants to;
“… be inspired as you embark on your social travesting journey with CopyCash and transform the trading and investing ecosystem! Leverage your investments by COPYING THE EXPERTS!”
The SC reminded the public to seek legal or professional advice if they are in doubt about the applicable legal and regulatory requirements and said investors should be mindful of the potential risks involved in ICOs and investment arrangements involving digital tokens.
The SC continues to work with Bank Negara Malaysia and other enforcement agencies, including foreign counterparts, to closely monitor ICOs and said it will take appropriate action where necessary.
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