Malaysia is the epicenter for money scams. As of 2017, more than a million Malaysians have lost to the tune of MYR5 billion in Multi-Level Marketing, Ponzi and other get-rich-quick Pyramid schemes.
There are reportedly cryptocurrency schemes promising 'guaranteed' daily returns with a minimum investment, claiming returns derived from trading different cryptocurrencies. We advise caution and encourage due diligence of two things, regulation and entities licensing credentials before registering further interest.
During our infancy last June, a special login access was created on our website solely for Bank Negara officials to download notes and keep track of our progress. We had no intention of hiding or sideskirting from regulators. There was never a doubt the only way we would walk this path is the proper way.
Today, Bank Negara announces SINEGY as a reporting institution for the public's reference. An effort by the central bank to promote greater transparency surrounding digital currency activities in Malaysia.
On this journey less than a year old, much skepticism has been directed at us but we took it in our stride, continued to work hard and persevere. Being on the list is a testament to our core foundation of transparency. And frankly, a relief.