Singapore Investigating Seven People for Providing Worldcoin Services

As a seasoned analyst with over two decades of experience in the financial sector, I’ve seen my fair share of regulatory scrutiny and investigations. The case of Worldcoin is no exception, especially given its history of facing regulatory challenges in various jurisdictions.

The authorities in Singapore are currently examining seven individuals suspected of providing services related to the trading of Worldcoin accounts and tokens, an action deemed illegal, as stated in a response from the government made public on Tuesday.

OpenAI founder Sam Altman has founded the retina-scanning crypto startup, Worldcoin.

Two Members of Parliament from Singapore, Rachel Ong and Derrick Goh, posed queries concerning the potential regulation of Worldcoin sales within the nation and any possible risks involved.

Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry, and head of Monetary Authority of Singapore stated that although Worldcoin doesn’t offer a payment service under Singapore’s regulations, anyone trading Worldcoin accounts or tokens might be breaking the law by offering an unauthorized payment service without the necessary license.

On August 7th, Singapore’s police advised the general public to refrain from transferring or trading their Worldcoin accounts or tokens due to concerns that such actions might lead to involvement in illicit activities.

Worldcoin has already faced regulatory scrutiny in Colombia, Hong Kong, Argentina and Kenya.

Worldcoin did not immediately respond to a CoinDesk request for comment.