SC says yet to receive details of Country Heights’ cryptocurrency plan

PETALING JAYA: The Securities Commission Malaysia (SC) is still in the dark about Country Heights Holdings Bhd’s (CHHB) plans for its own cryptocurrency and the associated initial coin offering (ICO) after they were disclosed by the company a month ago.

“We have engaged the company and they have yet to provide us with details of the proposed ICO,” an SC spokesperson told SunBiz via email.

CHHB is set to hold an EGM on Nov 8 to gain support from its shareholders to proceed with the appointments of technology partners and other external consultants to give back-end support to the exercise, particularly its implementation.

CHHB has said that it will engage with the relevant authorities for approval, if needed, upon receiving the green light from its shareholders.

Another general meeting will be called for the final endorsement for the launch of the ICO, its structure, mechanism and the exchange centre once the board has decided to proceed with the offering.

The proposed RM2 billion assetbacked cryptocurrency, dubbed “Horse Currency”, will function as a utility token and royalty programme for stays at the Palace of the Golden Horses, golf club memberships, private jet trips and medical treatments and checks at the Golden Horses Health Sanctuary, among others. The group is also looking at allowing Horse Currency to be legal tender in purchasing and leasing its unique properties scheme, especially resort properties.

CHHB has proposed to issue one billion units, of which an initial 300 million units will be made available to the public. Its assets will be placed in a trust held by a reputable legal firm and a prominent technology partner and other external consultants.

CHHB had said despite no regulation specifically regulating its cryptocurrency issuance, it would keep the authorities well informed of the group’s initiative.