Paycoin files for injunction ahead of service termination on the 5th.
The issuer of Paycoin, a payment-type virtual asset, filed an injunction with the court against the financial authorities, just days before its service is set to end on the 5th. However, experts in the virtual asset industry believe it is unlikely that the decision will be overturned, as the financial authorities had been requesting Paycoin to secure a real-name bank account for business continuity for several months.
(omitted)
Legal experts also see a higher likelihood that the court will side with the Financial Services Commission (FSC). The FSC had already been requesting PayProtocol to secure a real-name account since July last year, and PayProtocol had promised to comply with the directive by the end of the year.
Furthermore, the injunction filed by PayProtocol could only be granted if there is concern that the FSC's decision would cause significant harm to the market, but the suspension of Paycoin's operations does not fall under such circumstances.
Pureun “Ian” Hong, the managing partner of Decent Law Firm, analyzed, "Even if Paycoin services are suspended, PayProtocol can resume its business at any time once it meets the conditions required by the FSC. Considering this, the court is likely to side with the FSC."
