Following media reports on the Singapore based CopyCash launch of its CopyCashCoin ICO next week, which claims to be the world’s largest blockchain-based social travesting platform, Securities Commission Malaysia has issued a statement to caution investors against being exposed to heightened risks of fraud as the ICO operates online and may not be regulated.
According to the statement issued to the media, the regulator will be calling in key officers from CopyCash to inquire into its activities including the planned ICO launch given that the activities falls under the regulated areas of the Securities Commission of Malaysia.
This statement comes amidst both heightened activities by new ICOs to solicit investments from the public and heightened public interest into cryptocurrencies by the Malaysian public as an alternative form of investment.
Though the statement from the regulator may appear as though Securities Commission Malaysia isn’t neccesarily favourable towards ICOs and cryptocurrencies, it is also important to note that the regulator has in the past shown support in it’s previous statements announcing its pilot blockchain project and plans to launch a secondary market for the trading of established cryptocurrency and digital assets.
Tan Sri Ranjit Singh, Chairman of the Securities Commission Malaysia has also previously mentioned that they are still closely monitoring the space and that the Securities Commission is now a part of the International Organization of Securities Commisions ICO Consultation network, where regulators are discussing the latest development in this space.