Singaporean police are looking into the illegal sale of Worldcoin accounts and coins. Worldcoin is a controversial cryptocurrency project that is known for collecting personal data. The investigation began because of worries about possible abuse, such as money laundering and funding for terrorists.
Deputy Prime Minister Gan Kim Yong, who is also the head of the Monetary Authority of Singapore (MAS), said that seven people are being investigated for breaking the Payment Services Act of 2019 by providing services related to Worldcoin without the right permits.
The PS Act doesn’t consider Worldcoin to be an authorized payment service. However, people who buy or sell these accounts for a profit may be running illegal payment services. The police said that this could possibly lead to illegal actions like laundering money.
Tools for Humanity, a donor to Worldcoin, said in answer that the people being investigated have nothing to do with Worldcoin or how it works. Singapore’s rules, such as the Payment Services Act, are still being followed by the company.
Beyond Singapore, authorities around the world are interested in how Worldcoin collects data. India, South Korea, Kenya, Germany, and Brazil are among the countries that have looked into how the company uses iris biometric data, noting concerns about data security and privacy. In response, Worldcoin has cut back on its operations in India and made its data protections stronger to follow the rules there.
Even though it faces problems with regulators, Worldcoin keeps growing. As of April 2023, it had more than 10 million users. Singaporean officials have warned people not to sell or give away access to their Worldcoin accounts, though, because bad people could use these accounts for their own gain.
