The securities Commission Malaysia (SC) has banned the promotion of start-UPS using the primary supply of coins (ICO).
According to the statements of SC, the Fund copycash’s the notification was sent at the request of the investor. On the official website of the startup copycash’s progress as a platform for investment and trade.
The Agency reports:
“The Directive was issued by the Commission after investigation, which revealed that most likely the information in the technical paper and proposals copycash’s potential investors would be in contravention of the requirements of the securities laws”.
Earlier, on 5 January, the securities Commission Malaysia has officially announced his plans to meet with representatives of copycash’s to inquire about the Foundation’s work and the alleged launch of the tokens.
The fact that the regulator quickly responded by posting a notice on the termination of the ICO, it is not surprising, as agencies in other parts of the world also prohibit primary supply of coins before they are run.
In a statement on 5 January, the SC’s rationale was the rapid surge ICO in Malaysia and the increase in complaints from senior citizens.
SC added that the issue with the ICO will be resolved with the involvement of other state bodies, including the Central Bank of Malaysia:
“SC continues to work with Bank Negara Malaysia and other law enforcement agencies, including foreign counterparts, to monitor these activities and to promptly take appropriate measures if needed”.