Vida-linked cryptocurrency ventures on Bank Negara alert list

PETALING JAYA: A business linked to cosmetics tycoon Datuk Seri Dr Hasmiza Othman, better known as Datuk Seri Vida, has been put on Bank Negara Malaysia's (BNM) Financial Consumer Alert list.
The list consists of companies and websites that are neither authorised nor approved under the relevant laws and regulations administered by the central bank.
The business known as VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies) was added to the list of 423 companies.
The list links the company to websites of LaVida Coin and LUX Galaxies. The website of LaVida Coin bears an address in Westminister, London, United Kingdom. LUX Galaxies claims to be present in 11 countries including Estonia, the US, Canada and Finland.
Checks at the Companies Commission of Malaysia (SSM) records by SunBiz revealed that VI Profit Galaxy, formed on a partnership basis, is co-owned by Hasmiza with a registered address in Ipoh.
Cross checks on the company records of her main business, Vida Beauty Sdn Bhd, confirmed both businesses as having the same owner. Vida Beauty is the producer of Vida's hit products such as the Qu Puteh range and Pamoga.
VI Profit Galaxy's SSM records named one Shuhada Ab Aziz with a registered address in Machang, Kelantan, as being a co-owner. The business, which was incorporated on June 4, sells and produces health and beauty products.
The BNM alert comes on the heels of the Securities Commission of Malaysia (SC) saying that it is reviewing a white paper published on the LaVida Coin cryptocurrency.
In a short statement earlier this week, the SC said it is reviewing all information on a white paper for the LaVida Coin to determine if any laws were broken.
According to the white paper, the issuance of LaVida Coin is expected to raise US$1.5 billion (RM6.15 billion) which will be used to finance three projects, including a new payment gateway named LaVida Pay.
Besides LaVida Pay (US$100 million), there are plans for a new online entertainment channel with an entrepreneurial focus (US$1 billion) and a non-profit-making project to build a Muslim community hub, centred on a new mosque (US$400 million).
LaVida Coin is currently in the "pre-mine stage" which runs for six months from August 2018 to February 2019. Once completed, the LaVida Coin blockchain will be open to cryptocurrency miners.