Cosmetic Queen’s Lavida Cryptocurrency Being Reviewed By Malaysia’s Securities Commissionbr>
The Securities Commission of Malaysia (SC) is currently reviewing LaVida Coin, a cryptocurrency offered by cosmetics millionaire Datuk Seri Hasmiza Othman, to determine whether there has been any breach of securities laws.
In a statement published on its website, the SC said it has received a number of queries on the LaVida Coin whitepaper and is in the midst of reviewing all available information. The SC also cautioned all investors to practice due diligence before making investments in schemes involving cryptocurrencies.
Othman, better known by her celebrity name Datuk Seri Vida, claims that LaVida Coin is a private funding initiative to help raise capital for three projects. These include a new online entertainment channel with an entrepreneurial focus, a new payment gateway (LAVIDAPAY) built on proven blockchain technology and a non-profit making construction project to build a Muslim community hub, centred on a new Mosque.
Datuk Seri Vida told local news outlet Utusan Malaysia that she came up with the idea after gaining a healthy profit from her investments in cryptocurrencies two years ago.
“I can’t help every person by handing out money but I want others to have the chance to enjoy good fortune just as I did,” Othman said. “Which is why I’m sharing the latest method through Lavida Coin which is easy, isn’t burdensome and is able to generate lucrative income.”
The LaVida Coin, which is currently in its first stage of pre-sale, is trading at $0.66 at press time. Othman is promising investors that its value will rise by the end of the year.
“Buy now because it’s cheap and resell near Christmas as the price of this currency is expected to soar then,” Othman said.