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Stop and desist! Malaysia's securities regulator curbs the OIC

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The securities regulator of Malaysia has issued an immediate termination of the initial offer of coins.

With a statement Tuesday, the Securities Commission (SC) Malaysia ordered the CopyCash Foundation to "immediately stop and give up all of its proposed activities, including a so-called launch plan for an initial offer of coins ". CopyCash describes itself as a decentralized platform for social tracking (trading and investing) on ​​its website, making it possible to disguise the currency markets and cryptocurrencies.

The directive preceded the planned launch of the ICO's start-up today.

The ban follows a previous statement by the regulator on Jan. 5, when the authority said it would "use key agents" from CopyCash to "investigate its activities, including the so-called launch of CopyCashCoin (CCC) ". noted that he had seen an increase in ICOs "soliciting investments in cryptocurrencies from the public at large, including the elderly."

After the investigation, the SC wrote yesterday in its statement:

"The Directive [cease and desist] was issued by the CS following its investigation after finding that there was a reasonable likelihood that the disclosures in the CopyCash Foundation white paper and investor statements potential violate the relevant requirements of securities legislation.

The securities regulator's rapid action follows including a public warning warning the public about OIC-related investments, in September 2017. The authority urged investors to "understand fully "what is offered with a sale of digital tokens. this would absolve them of "certain responsibilities and obligations".

In last week's statement, the Securities Commission confirmed that it would continue to highlight the activities of the ICO in Malaysia alongside the country's central bank.

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"The CS continues to work with Bank Negara Malaysia and other enforcement agencies, including our foreign counterparts, to closely monitor these activities and take appropriate action if necessary," he said. the watchdog.

Image from Shutterstock.

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