Malaysia’s Securities Commission looking into Singapore firm’s ICO launch

Malaysia’s Securities Commission (SC) is looking into the activities of a Singapore-registered blockchain startup, after it announced plans of launching an initial coin offering (ICO) named CopyCashCoin (CCC) in the country this month.

Earlier, The Sun reported that CCC would be launched on Jan 10 at Hilton Petaling Jaya.

In a statement, SC said it was “aware 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 CCC,” the statement added.

The commission also said the public should seek legal or professional advice if they are in doubt about applicable legal and regulatory requirements.

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

It also said 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 added.