1. Unlicensed Worldcoin Account Sales
2. Data Privacy Under Scrutiny
3. Global Attention on Worldcoin

Singaporean authorities are investigating the sale of Worldcoin accounts and tokens, suspecting that such activities may breach the Payment Services Act (PS Act) of 2019.

Unlicensed Worldcoin Account Sales

Deputy Prime Minister Gan Kim Yong, who also chairs the Monetary Authority of Singapore (MAS), revealed the investigation during a parliamentary session on September 9. The probe centers around seven individuals allegedly involved in unauthorized sales of Worldcoin-related services, including third-party transactions of accounts and tokens. On August 7, 2024, the country’s Police issued a public advisory warning against the sale or transfer of Worldcoin accounts, highlighting that accounts could be misused for illegal purposes such as money laundering or financing terrorism.

Data Privacy Under Scrutiny

In Singapore, the Personal Data Protection Act (PDPA) governs the collection, use, and protection of personal data, including sensitive biometric information. Gan emphasized during the parliamentary session that organizations managing such data need to implement appropriate measures to mitigate risks associated with it. Worldcoin, which relies on biometric information like iris scans for user verification, has garnered significant regulatory attention worldwide.

Global Attention on Worldcoin

Since its introduction, regulators in several countries, including India, China, Germany, Brazil, and Kenya, have investigated Worldcoin. European authorities, particularly in Spain, have raised concerns over potential violations of the General Data Protection Regulation (GDPR), leading to the temporary suspension of Worldcoin’s biometric data collection in March 2023. Despite regulatory challenges, the project has expanded rapidly, amassing over 10 million users globally as of April 2023.

Singaporean authorities continue to investigate Worldcoin account sales, focusing on licensing and data protection. This ongoing case highlights the importance of regulatory compliance in financial services, especially with rapidly evolving digital technologies.