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.
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”