KUALA LUMPUR, Aug 27 — The Securities Commission Malaysia (SC) is currently reviewing all information concerning the cryptocurrency offered by the cryptocurrency company owned by cosmetics millionaire Datuk Seri Hasmiza Othman.
The SC said it is trying to determine if there was a breach of securities laws in the issuance of Lavida Coin after it received queries on the issuance of a white paper for the public offering.
The white paper claimed the crypto coin was offered as a private funding initiative to raise development capital or funds for three projects, the commission said in a statement released today.
“The paper also claims that it is only through crowdfunding that such a diverse range of projects can meet the development funding needs,” the statement read.
“The SC is in the midst of reviewing all available information to determine whether there has been any breach of securities laws.”
Hasmiza, better known as Datuk Seri Vida, launched her own cryptocurrency, Lavida Coin (LVC), last Friday.
She claimed to have made profits from investing in cryptocurrency two years ago, which prompted the move to roll out LVC.
The cosmetics queen further claimed the price of LVC is relatively cheap now, adding that its value will soar near Christmas this year.
Malay-language portal Amanz reported the value of 1 LVC is currently at US$0.66 (RM2.71).
On top of being an investment, LVC will also be used as a platform for the cosmetics queen’s e-wallet service, LavidaPay.
In the same statement, the SC cautioned all investors to practise due diligence before making investments, in particular schemes involving cryptocurrencies and digital tokens.