Securities Commission Of Malaysia Evaluates LaVida Coin For Breach Of Law

Malaysia’s Securities Commission has declared that it will review the recently launched virtual asset LaVida Coin. This will be done to determine whether there were any breaches of the securities law. In accordance with a report which was made public on its website, the Securities Commission has acknowledged the receipt of a couple of questions regarding its whitepaper in connection with the offering of the virtual asset.

The virtual asset is being offered by Dr. Hasmida Othman, famously known by her superstar name, Datuk Seri Vida. The information indicated in the whitepaper implies that the crypto is largely a private funding venture whose objective is to raise enough money for the three ventures indicated.

The Whitepaper

Information in the white paper implies that that the venture entail new virtual entertainment channel with focus on entrepreneurship. It will also comprise of a payment gateway known as LAVIDAPAY, which is established on the innovative blockchain technology. Additionally, a non-profit making construction project will also be part of the venture, whereby a Muslim community hub is set to be established.

A statement from the Securities Commission indicate that the public is cautioned to exercise due diligence and to be extremely careful when it comes to their participation in investment projects, especially those that have to do with cryptos and other virtual assets.

LaVida Coin Pre-Sale

Being in the initial stages of its pre-sale, the price is starting from $0.66 for a single coin, with 53 million of them being available. The pre-sale is scheduled for August 20^th, 2018, with a hard cap of $5 million. The second stage is scheduled to start from October 20^th, 2018 in which a hundred million coins will be made available to the public. These will be sold each at $0.86.

The report released by Utusan Malaysia indicate that Datuk thought about the idea of launching the crypto after making some money from her investments in virtual assets a few years ago. The celebrity also believes that the coin is reasonably priced and investors are bound to make get some good returns from it.