Philippine SEC Issued A Cease-And-Desist Order Against Paya Cryptocurrency

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Philippine Securities and Exchange Commission (SEC) has issued an order against Payasian Pte. Ltd. Corp. to prohibit requesting the public to invest in its cryptocurrency, Paya.
  • SEC further stated Payasian’s certificate of registration does not have permission to sell or offer securities.
  • The company offered a package known as “Sharer Packages” starting at P8, 145 for 1,040 Paya tokens this offers a maximum commission of P500 a day.

The Philippine Securities and Exchange Commission (SEC) has issued an order against Payasian Pte. Ltd. Corp. to prohibit requesting the public to invest in its cryptocurrency, Paya. The SEC said it has ordered Payasian to stop alluring people to purportedly invest in the Paya cryptocurrency without required licenses.

SEC has prohibited Payasian for involving in any kind of business transaction

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According to an order issued on March 20, where the Commission indicated Payasian to stop and desist from further engaging in, promotion and simplifying selling or offering for sale securities in the form of investment contracts and/or other activities/transactions.

However, the SEC has inhibited Payasian for involving in any kind of business transaction that involves funds in its depository banks and also from transferring, disposing or conveying all related assets for their investors in any case.

SEC further stated Payasian’s certificate of registration does not have permission to sell or offer securities. Thus, performing these activities may require a secondary license from the commission.

The Sharer Packages by Payasian

In November, the SEC cautioned the public to stop investing in Payasian. With its investment scheme, the Payasian alleges the investors to buy Paya Coins and clutch it for six months in order to receive a 30 percent extra Paya rewards. Also, it offered referral rewards.

The company offered a package known as “Sharer Packages” starting at P8, 145 for 1,040 Paya tokens this offers a maximum commission of P500 a day. This means if someone invests P5, 800, 058 to buy 740, 749 Paya tokens, he will receive a maximum commission of P10,000 a day.

As per The Securities Regulation Code, securities such as investment contracts should neither be sold nor offered for sale or distribution in the Philippines without registration and sanction by the SEC.

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