CopyCash drops ICO launch after coming under scrutiny

PETALING JAYA: Singapore’s CopyCash has shelved its initial coin offering (ICO) launch slated to take place this afternoon after the Securities Commission said it would be meeting with promoters of the digital token-based investment.

Last Friday, the Securities Commission (SC) Malaysia stated that it is looking into the Singapore-based blockchain platform ahead of a planned launch amid growing craze for digital currencies. Digital currencies are not recognised and regulated in the country.

The regulator said it will meet up with CopyCash’s key officers to enquire into its activities, including the planned ICO launch.

Attempts to reach the company were unsuccessful.

The SC in its release had said that it is aware of the talks and seminars organised by CopyCash in major cities across the country, including Penang and Kuala Lumpur.

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

CopyCash’s top management, including CEO Bobby Lieu, were supposed to have a press conference on its ICO at Hilton Petaling Jaya today. It had planned an ICO of 30 million CopyCashCoin. – By Lee Weng Khuen