While it is under scrutiny in Colombia, Argentina, Kenya and Hong Kong, the company Worldcoin is now in the sights of the authorities in Singapore. An investigation targets 7 people who offered services based on the protocol, which is nevertheless an offence in the country.
Singapore authorities investigate 7 people suspected of using Worldcoin
In a letter from the Singapore government to its parliament, the country's authorities announced that they had opened a preliminary investigation targeting seven citizens. accused of offering services for buying or selling Worldcoin accounts, or enabling the exchange and purchase of WLD tokensThe Singaporean government considers these practices to be illegal within the Asian city-state.
Launched in late 2022 by OpenAI, the start-up specializing in generative artificial intelligence (AI), Worldcoin presents itself as an open source protocol at the origin of the cryptocurrency of the same name, WLD.
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In Singapore, Rachel Ong and Derrick Goh, two members of parliament, tried to find out a few weeks ago whether the sale of WLD or Worldcoin-related services was subject to a legislative framework. Gan Kin Yong, Deputy Prime Minister, Minister of Trade and Industry, and Chairman of the Monetary Authority of Singapore, responded as follows:
Although Worldcoin does not perform payment service under Singapore regulations,
Persons buying or selling Worldcoin accounts and tokens may be acting illegally by providing a payment service as unlicensed individuals.
Thus, on August 7, the country's law enforcement agencies warned citizens, informing them that it was strictly forbidden to give, sell or buy WLD tokens as well as Worldcoin accounts without holding a license. This is why 7 Singaporean citizens are already in the authorities' sights.
Singapore police said the ban was in effect to prevent the protocol from being at the center of illicit activities in the microstate.
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Worldcoin is seen as an undesirable object in many parts of the world.
Singapore is not the only country to ban Worldcoin on its soil. Indeed, earlier this year, the Privacy Commissioner for Personal Data (PCPD), theHong Kong's privacy authority has launched an investigation into the crypto projectThis resulted in the immediate cessation of Worldcoin's activities in Hong Kong.
Indeed, according to the PCPD, The project's biometric data collection practices are illegal in the countryHe also assures that no measures have been taken. to inform users of the risks associated with sharing this type of data.
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In Spain, the authorities have taken the same decision for equivalent reasons. For the Spanish Data Protection Agency (AEPD), ” Orb “, the data collection tool used by Worldcoin collects information from minors. A practice that is prohibited by the General Data Protection Regulation (GDPR).
Although Worldcoin has adjusted some of its processes to comply with European regulatory requirements, This was not enough in the eyes of the AEPD, which ordered the suspension of the company's activities until the end of the year.. Other regulators have followed suit, including Germany, Brazil, India and France.
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Source : Monetary Authority of Singapore
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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