The central bank took aim at a cryptocurrency project named Coinzer, which it says used the BNM logo and the Jata Negara, Malaysia's coat of arms, in its proposed token design, white paper and website.
In the case that the digital currency is structured like a security, the ICO issuing company needs to fulfill the requirements of the Securities and Futures Act, as this precautionary step would better protect investors.
SC said in a statement that these activities may also be referred as “initial coin offerings” (ICO), “initial token offerings”, “token pre-sale” and “token crowd-sale”.
One day after China’s decision to ban ICOs pending an investigation, Hong Kong — the country that is a special administrative region of China — has voiced concern at the growth of ICO fundraising
The city is home to over 200 banks with total assets amounting to a whopping $2 trillion, and it has already played host to a long list of successful ICOs.
The Bitcoin and Ethereum community have set a precedent which for the first time in history allows an open source community to not just self-finance but directly profit from increased usage.
