As a seasoned crypto investor with a keen eye for regulatory matters, I find the ongoing investigation into Worldcoin by Singaporean authorities as a stark reminder of the complexities and challenges inherent in this space. Having witnessed the rise and fall of numerous projects, I can’t help but feel a sense of deja vu when I see similar patterns emerging.
As a researcher, I’m reporting on a situation where I, myself, am investigating suspected violations of Singapore’s Payment Services Act (PS Act) of 2019. The focus of my investigation is the sale of Worldcoin accounts and tokens by unidentified parties. These activities are under scrutiny due to potential breaches of the PS Act.
The probe centers around seven individuals allegedly involved in the unauthorized sale of Worldcoin-related services, including third-party transactions of accounts and tokens.
Unlicensed Worldcoin Account Sales
During a parliamentary session held on September 9, it was disclosed by the individual holding dual roles as Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), that an investigation was underway.
As a researcher, I’m examining cases of individuals alleged to be operating payment services without the necessary licenses, potentially breaching the Payment Services Act.
According to what was shared with MAS, Worldcoin doesn’t offer a payment service under the PS Act. Yet, individuals who trade Worldcoin accounts and tokens in a commercial manner might actually be offering a payment service, as pointed out by Gan.
On August 7, 2024, an official notice was released by the nation’s Police department, urging caution regarding the trading or handover of Worldcoin account ownership.
The information emphasized the potential for accounts to be used illicitly, either for activities like money laundering or funding terrorist actions.
Users are advised to be cautious about offers that encourage them to hand over control of their digital currency wallets or World ID accounts.
In the parliament, Yong advised users to exercise caution regarding proposals to hand over management of their digital payment token wallets or World IDs.
He added that these accounts could be exploited by third parties, strongly advising against engaging in such transfers.
Data Privacy Under Scrutiny
In Singapore, the Personal Data Protection Act (PDPA) is responsible for regulating how personal data such as sensitive biometrics are gathered, utilized, and safeguarded.
In the course of a parliamentary meeting, Yong underlined the importance of implementing robust safeguards and security protocols for any organization handling sensitive data like biometrics, as these precautions are crucial in reducing potential risks while building and running such systems.
Worldcoin, a platform that uses iris scans among other biometrics for user identification, has drawn considerable global scrutiny, particularly regarding its methods of data accumulation.
Over the course of its existence, regulatory bodies from various nations such as India, China, Germany, Brazil, and Kenya have taken a closer look into the company’s operations.
As a concerned crypto investor, I’ve been following the recent developments with Worldcoin. Given my interest in privacy matters, it was disconcerting to learn that European authorities, particularly those in Spain, have expressed concerns about potential breaches of the General Data Protection Regulation (GDPR). This has led to a temporary halt in Worldcoin’s biometric data collection back in March 2023. I’m keeping a close eye on this situation and eagerly await updates about how this issue is being addressed.
Regardless of any regulatory hurdles, the project has actively grown at a fast pace, accumulating more than 10 million users worldwide by April 2023.
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2024-09-16 06:43