Malaysias Central Bank Rebukes ICO For Unauthorized Use Of Its Logo
The Central Bank of Malaysia (BNM) officially stated that they do not endorse crypto platform Coinzer and its unlicensed logo design on March 11.
According to BNM’s press release, Coinzer used the unauthorized images of the BNM logo and the Malaysian coat of arms on the physical design proposition for the coin, its white paper, and its website. BNM adds that crypto investments are risky and are not considered legal tender in Malaysia.
Responding to BNM’s statement, Coinzer announced on their website that they took down the contentious design on March 7:
“We want to clarify that the Coinzer physical coin's design is based on conceptual design, which are initially intended to be used as a token of appreciation to our partners and contributors. This physical coin design proposal however has been removed from our latest edition of Whitepaper...”
Coinzer’s statement continues, elaborating on their desire to work with the Malaysian government in the crypto and Blockchain sphere.
Even though the industry is relatively unregulated, “regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless:”
“Coinzer is working closely with the Malaysian Government and the relevant authorities to acknowledge and approve our operation in Malaysia as well as to help them better understand both Coinzer and the industry more broadly: how cryptocurrency platforms like Coinzer work, how Coinzer will help build a better economy for Malaysia and how other countries are proposing regulation.”
According to the white paper, Coinzer’s Initial Coin Offering (ICO) was set for January 1, 2018, consisting first of a private limited pre-sale, then a public pre-sale, and then the ICO, which will last for one month. Coinzer tokens (CZC) are offered at a price of $0.05 per token, with a token cap of 21 bln.
In November 2017, the governor of BNM released a statement announcing that the bank would soon be releasing cryptocurrency regulations that would prevent criminal activity, as well as maintain the stability of the financial system.
At the end of February, the bank announced new anti-money laundering legislation that requires cryptocurrency exchanges in Malaysia to verify their customers’ identities for all trades.