Singapore Targets Illegal Worldcoin Transactions
- WBOYOriginal
- 2024-09-10 21:05:16711browse
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.
Singaporean authorities are investigating seven individuals for allegedly offering unlicensed Worldcoin-related services, according to Deputy Prime Minister Gan Kim Yong.
These activities, which involve the third-party sale of Worldcoin accounts and tokens, are prohibited under the Payment Services Act 2019. While Worldcoin is not classified as a payment service, buying or selling its accounts or tokens as a business could fall under this category.
The probe, disclosed on September 9 by Gan, who is also the Chairman of the Monetary Authority of Singapore (MAS), comes amid broader scrutiny of Worldcoin's operations, particularly its method of collecting iris biometric data.
This concern stems from the potential risks associated with unauthorized Worldcoin transactions, such as the misuse of accounts and tokens for illicit activities like money laundering and financing terrorism.
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.
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