SC reviewing LaVida Coin for possible securities-law breach

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KUALA LUMPUR (Aug 27): The Securities Commission Malaysia (SC) said today it is in the midst of reviewing all available information in relation to a newly launched cryptocurrency known as LaVida Coin to determine whether there has been any breach of securities laws.

In a statement today, the regulator said it has received queries on the issuance of a white paper for the offering of LaVida Coin to members of the public.

"The white paper claims that LaVida Coin is offered as a private funding initiative to raise development capital / funds for three projects.

"The white paper also claims that it is only through crowdfunding that such a diverse range of projects can meet the development funding needs," it said, adding that it is in the midst of reviewing the information to determine whether there has been any breach of securities laws," said the SC.

"The SC advises investors to exercise due diligence and to be cautious of the risks of participating in any investment schemes, in particular schemes involving cryptocurrencies and digital tokens," it added.

Last week, Utusan Malaysia reported that cosmetics millionaire Datuk Seri Dr Hasmida Othman – better known as Datuk Seri Vida – was introducing her very own cryptocurrency called LaVida Coin.