Philippine Securities and Exchange Commission has issued injunction to Payasian for cryptocurrency Paya

The Philippine Securities and Exchange Commission (SEC) has issued a restraining order to Payasian Pte. Ltd. Corp. for its cryptocurrency, Paya. The SEC said in a statement that it had ordered Payasian "to stop enticing the public to invest in a cryptocurrency called Paya without the necessary licenses." In an order issued on March 20, the commission instructed Payasian immediately ceases and ceases to continue to engage, promote and facilitate the sale and / or sale of securities in the form of investment contracts and / or other activities / transactions. In addition, the SEC prohibits Payansian from engaging in any business involving its deposit bank funds and prohibits it from transferring, disposing of, or transferring all relevant assets to investors in any way. The SEC states that Payasian's certificate of registration does not include an authorization to sell or issue securities to the public. Therefore, doing so requires a secondary license from the SEC.