The Securities Commission Malaysia published a statement on January 9 where the officials 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.
CopyCash Foundation is said to be a social travesting platform which is based on Ethereum’s blockchain. According to its website, the platform allows each transaction data to flow with no additional database or server required without any delay in payments and also payments will not be denied.
In the statement, the Securities Commission Malaysia stated that it found a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.
Recently, we have reported that Malaysia’s central bank asks the public to weigh in on measures aimed at solving problems related to cryptocurrencies.