SC issues cease and desist order to Copycash Foundation

KUALA LUMPUR: The 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) in the country on Jan 10, 2018.
In a statement, SC said the 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 a reasonable likelihood that disclosures in CopyCash Foundation's white paper and representations to potential investors would contravene relevant requirements under securities laws.
SC advises investors to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes.
"While we continue to facilitate use cases of digital assets in the capital market, we remain vigilant in monitoring ICO schemes, given the heightened risks, and will not hesitate to take action where necessary," it said. — Bernama