The probe, disclosed on September 9 by Gan Kim Yong, Singapore’s Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), targets unauthorized third-party sales of Worldcoin accounts and tokens.
This investigation is focused on individuals involved in these illegal transactions. It focuses on a specific group of individuals involved in these activities. Let’s discover more about this news about Worldcoin.
Singapore Targets Illegal Worldcoin Transactions
Yong revealed that seven individuals are currently under police investigation for offering Worldcoin-related services without proper licenses. This activity violates the Payment Services Act 2019, which regulates payment services in Singapore. Although Worldcoin itself is not classified as a payment service under the Act, the act of buying or selling Worldcoin accounts and tokens as a business could be seen as providing a payment service.
The investigation highlights the potential risks associated with unauthorized Worldcoin transactions, including the misuse of accounts and tokens for criminal purposes such as money laundering and financing terrorism. This concern is part of a broader global scrutiny of Worldcoin’s operations, particularly its method of collecting iris biometric data.
Source: X
In 2023, Worldcoin faced regulatory challenges in multiple countries. Authorities in India, South Korea, Kenya, Germany, and Brazil paused the company’s biometric data collection activities, launching investigations into the company’s data handling practices. European regulators also raised alarms about potential violations of General Data Protection Regulation (GDPR) standards. On March 18, Spain became the first country to impose a ban on Worldcoin’s biometric data collection.
Despite these regulatory hurdles, Worldcoin has pursued aggressive expansion, boasting a user base of over 10 million as of April 16. The project’s goal of integrating biometric data into its cryptocurrency framework has sparked significant debate and concern among regulators worldwide.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
