- Singapore Takes Action Against Third-Party Sales and Purchases of Worldcoin Accounts
- Regulators around the world are not too happy with Worldcoin’s practices
Worldcoin has been at the center of much controversy over the past year. The retina-scanning cryptocurrency startup known for capturing identifying data is back in the headlines today after Singapore’s Gan Kim Yong hinted at an ongoing investigation into third-party sales and purchases of Worldcoin accounts.
Yong, the nation-state’s deputy prime minister and chairman of the Monetary Authority of Singapore, told parliament that seven individuals were currently under investigation. The seven “subjects” were allegedly offering services to buy or sell Worldcoin accounts. This is a violation of Singapore’s Payment Services Act 2019. According to his statement,
“… Worldcoin does not provide a payment service under the PS Act. However, individuals who buy or sell Worldcoin accounts and tokens as a business may provide a payment service.”
Yong’s statement came in response to parliamentary questions posed by two ministers in Parliament, Rachel Ong and Derrick Goh. This comes after the country’s police warned its citizens against selling their Worldcoin accounts or tokens last month.
Worldcoin’s Global Dilemma!
It is worth noting here that this is not the first time that Worldcoin has run into laws and regulations around the world. Given that it handles a lot of sensitive information, including biometric data, regulators have reminded that the startup must always comply with data protection and privacy laws.
In Argentina, for example, Worldcoin has seen a resurgence in popularity thanks to inflation reaching 250%. And yet, the Access to Information Agency has investigated its data collection practices. Provinces like Buenos Aires have even fined the foundation 190 million pesos, accusing it of not properly managing biometric data.
Similarly, regulators in Hong Kong and Colombia have claimed that Worldcoin has systematically violated their local data privacy laws.
