SC to summon foundation officers over ICO plan

  • Business
  • Saturday, 06 Jan 2018

KUALA LUMPUR: The Securities Commission (SC) plans to call in the key officers of a Singapore-registered foundation over its plans to launch an ICO named CopyCashCoin (CCC) on Jan 10.

The SC in a statement yesterday said that the ICO operator has organised talks and seminars in major cities in Malaysia including Penang and Kuala Lumpur at various venues including cafes and hotels.

“Given that the activities may fall within the remit of securities laws, the SC will be calling in key officers of the foundation to inquire into its activities including the purported launch of CopyCashCoin,” it said.

The SC said following a public statement released on Sept 7, 2017 regarding ICOs, it has noticed an increase in activities by new ICOs to solicit investments in crypto-currencies from the public at large, including senior citizens.

The SC reminded the public to seek legal or professional advice if they were doubtful about the applicable legal and regulatory requirements.

“Investors should be mindful of the potential risks involved in ICOs and investment arrangements involving digital tokens.

“Investors should seek to understand the product and find out more about the underlying projects, business and assets of the operator and the schemes, especially when there is insufficient information on the company or its legal structure.

“Investors should be cautious, and be wary of being exposed to heightened risks of fraud as the ICO operates online and may not be regulated,” it said.

The SC said it continues to work with Bank Negara and other enforcement agencies, including foreign counterparts, to closely monitor such activities and will take appropriate action where necessary.

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