This article was amended on September 12, 14:30 BST to include comments submitted by a Worldcoin contributor.
- Worldcoin is subject to investigations across multiple jurisdictions.
- Global regulatory backlash focuses on data privacy concerns.
- Singapore probes the illegal misuse of Worldcoin accounts.
Worldcoin aims to create universal access to the global economy, with its vision centered around the World ID verification system. Despite efforts to enhance its reputation, such as introducing face verification alongside retina scans and open-sourcing parts of its protocol, the project continues to be mired in controversy.
In a further setback to Worldcoin’s plans, the company is now under fresh scrutiny in Singapore. Authorities are investigating illegal transfers of Worldcoin accounts, which are suspected of violating the country’s payment laws.
Worldcoin Accounts For Sale
In a joint statement with lawmakers, the Monetary Authority of Singapore (MAS) announced on Monday that local police have launched an investigation into seven individuals suspected of buying or selling Worldcoin accounts and tokens, “which may then be misused for criminal activities such as money laundering and terrorism financing.”
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According to authorities, the activities under investigation fall under the scope of the Payment Services Act 2019, which prohibits unlicensed and unexempted individuals from offering payment services.
The statement clarified that Worldcoin itself does not offer payment services in Singapore. Instead, the investigation focuses on individuals involved in selling and purchasing Worldcoin accounts.
Worldcoin contributor Tools for Humanity told DailyCoin that the project is compliant with Singaporean laws and that the individuals being investigated are not affiliated with Worldcoin.
The statement from Singapore authorities emphasized the importance of data protection compliance for companies operating within their jurisdiction, they did not specifically identify Worldcoin as a risk.
Scrutiny and Suspicion
Although Singapore authorities did not explicitly criticize Worldcoin’s operations, the project is subject to scrutiny across multiple jurisdictions worldwide.
The Superintendence of Industry and Commerce, Columbia, opened an investigation into Worldcoin’s operations in August, citing potential breaches of personal data protection laws. This action followed closely a similar probe in Spain, where Worldcoin came under fire over its handling of user data.
These probes join a growing list of jurisdictions scrutinizing Worldcoin’s activities, with authorities in Hong Kong, Kenya, and Argentina, among others, raising concerns about the project’s data practices.
On the Flipside
- The concept of a universal basic income tied to digital identity verification reshapes discussions on global economic equality.
- Ongoing Worldcoin probes highlight the lack of an international data protection standard.
- It’s unclear how Worldcoin accounts can be transferred if they are unlocked by biometric data.
Why This Matters
While Singapore authorities may not have specific issues with Worldcoin, the number of ongoing investigations across multiple jurisdictions raises concerns.
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