SC directs CopyCash to cease all activities

The Singapore-registered blockchain startup announced plans of launching an initial coin offering (ICO) named CopyCashCoin (CCC) in Malaysia on Jan 10.

KUALA LUMPUR, Jan 10: 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) today in Malaysia.

According to a press release, 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.

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

The SC advised 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. — DayakDaily