- Worldcoin Investigation in Singapore
- Global Regulatory Scrutiny on Worldcoin’s Data Collection
- Singapore's Ban on Worldcoin Account Sales
Singapore has launched an investigation into the cryptocurrency Worldcoin over potential money laundering and terrorism financing activities.
Worldcoin Investigation in Singapore
On September 9, Gan Kim Yong, the Deputy Prime Minister of Singapore and the Chairman of the Monetary Authority of Singapore (MAS), announced an investigation into a group of individuals offering third-party sales and purchases of Worldcoin accounts and tokens without a license. Seven people are under police investigation for providing Worldcoin-related services, which is considered an offense under the Payment Services Act 2019.
Global Regulatory Scrutiny on Worldcoin’s Data Collection
Major regulators worldwide are closely examining the iris biometric data collection system used by Worldcoin. In 2023, regulators in India, South Korea, Kenya, Germany, and Brazil halted iris data collections and initiated investigations into the company's data collection practices. European regulators also cited potential violations of GDPR standards. On March 18, Spain became the first country to ban Worldcoin’s biometric data collection. Despite these challenges, Worldcoin continues its aggressive expansion, reaching over 10 million users as of April 2023.
Singapore's Ban on Worldcoin Account Sales
On August 7, the Singapore police advised citizens against “giving away or selling their Worldcoin accounts.” In Parliament, Gan Kim Yong added, "Consumers should be wary of offers to transfer access to their digital payment token wallets or World IDs, as these accounts could be misused by third parties. We caution consumers against doing so." He emphasized that organizations handling sensitive personal information, including biometric data, must adhere to data protection and security measures to prevent related criminal activities.
Singaporean authorities warn the public about the risks associated with transferring Worldcoin accounts and urge companies to comply with local data protection laws. Meanwhile, the global community continues to closely monitor Worldcoin's activities.
