Singapore Crackdown on Unlicensed Worldcoin Accounts and Token Sales
Over the past year, Worldcoin has been embroiled in numerous controversies. The biometric-focused cryptocurrency startup has once again come under the spotlight as Singaporean authorities, led by Gan Kim Yong, have initiated an investigation into unauthorized third-party Worldcoin account transactions.
Gan Kim Yong, who serves as Singapore’s Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, revealed during a parliamentary session that seven individuals are currently being probed for their involvement in the sale or purchase of Worldcoin accounts. Such activities contravene Singapore’s Payment Services Act of 2019. Gan Kim Yong highlighted that while Worldcoin itself does not fall under the purview of the PS Act, individuals engaged in the commercial buying or selling of Worldcoin accounts could be in violation.
The Deputy Prime Minister’s statement was prompted by inquiries from Members of Parliament Rachel Ong and Derrick Goh. This development follows a prior advisory issued by the Singaporean police cautioning citizens against partaking in Worldcoin account or token transactions.
Worldcoin’s Regulatory Challenges on a Global Scale
It is essential to note that Worldcoin has encountered regulatory hurdles worldwide due to its handling of sensitive data, particularly biometric information. Regulators have consistently emphasized the startup’s obligation to comply with data protection and privacy regulations.
In Argentina, for example, Worldcoin witnessed a surge in popularity amidst rampant inflation exceeding 250%. However, the startup faced scrutiny from the Agency for Access to Public Information over its data collection practices. Regulatory bodies in regions such as Buenos Aires penalized the Foundation with fines totaling up to 190 million pesos, citing inadequate handling of biometric data.
Similarly, authorities in Hong Kong and Colombia have accused Worldcoin of recurrently infringing upon local data privacy statutes.