The Securities Commission Malaysia (SC) has issued a notice for Dato’ Vida’s LaVida Coin to cease all promotional activities with immediate effect. This news follows the regulator’s previous announcement that it was reviewing LaVida Coin for possible breach of securities law.
In a move to warn the general public on investing in unauthorised operators, the regulator has also added DSV Crypto Club, LUX Galaxies and VI Profit Galaxy to the SC’s Investor alert list, citing that they were found to be promoting LaVida Coin. Similarly Bank Negara Malaysia has also the same companies in its consumer watchlist.
The ICO has initially planned to raise RM 1.5 billion, which it plans to spend on the following three areas; an entrepreneur-focused online entertainment channel ($1 billion), development of a LavidaPay payment gateway ($100 million), construction of a mosque, described as non-profit ($400 million).
On top of warnings from the regulators, the Fintech News Malaysia team has also looked into the project and observed several red flags that the public should be aware of.
Image Credit: Rakyat Post
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