Ways to search theedgemarkets.com content by Title: @title “the edge malaysia” by Author: @author “lucas wong” Combine search: “high speed rail” @author “Bhattacharjee” @category “From the Edge” Searching either words : 1MDB MAS Searching all words : “Genting Berhad” Searching Chinese phrase : “马电讯” KUALA LUMPUR (Jan 9): The Securities Commission (SC) has ordered Singapore-based blockchain startup CopyCash Foundation to halt all its activities in Malaysia, including a planned initial coin offering (ICO) scheduled tomorrow (Jan 10). In a statement today, the SC said the decision came after it found there is “reasonable likelihood” that disclosures in CopyCash’s white paper, as well as its representations to potential investors, will “contravene relevant requirements under securities laws”.
“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 SC said. In its white paper, CopyCash Foundation said it is a “social travestying platform” — essentially an investing platform built on blockchain technology that allows investors to view trading actions of other investors, with an option to automatically copy those actions.
CopyCash said it integrates different exchanges into its platform, with a focus on foreign exchanges and cryptocurrencies in its initial stage. Users will need to pay an annual fee to use the platform, as well as commissions for profits generated from the automated trading mechanism or “copytrading”.
The organisation had planned to issue 50 million of its own cryptocurrency dubbed CopyCash Coin (CCC), which piggybacks on the Ethereum network — largely known as the provider of cryptocurrency token Ether, now the second largest cryptocurrency in the world by market capitalisation. Meanwhile, the SC also advised investors to stay cautious of fraud risks in ICO schemes, and to exercise due diligence before participating in such 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,” it added. We deliver news to your inbox daily Read more from theedgemarkets.com…
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