Bank Negara Malaysia (BNM) added Lavida Coin cryptocurrency’s operator, VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies), to its Financial Consumer Alert list today.
The company owned by cosmetic millionaire Datuk Seri Hasmiza Othman, popularly known as Vida, was found to be neither authorised nor licensed under the central bank’s relevant laws and regulations.
The non-exhaustive list is meant to warn people from engaging in any financial activities with the companies.
Recently, the Securities Commission of Malaysia announced that it is currently reviewing all information concerning the cryptocurrency offered by the company and 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.
Hasmiza launched the coin to the public last Friday, and touted the move as a form of investment and urged people to buy the cryptocurrency now as it is cheap.
It was reported that the last known value of one unit of the coin, or 1 LVC, is now set at US$0.66 (RM2.71).
On top of being an investment, it will also be used as a platform for the cosmetics queen’s e-wallet service, LavidaPay.