Worldcoin has been at the center of many controversies over the past year. The retina-scanning crypto start-up that is popularly...
has been at the center of many controversies over the past year. The retina-scanning crypto start-up that is popularly known for capturing identifying data is in the news today again after Singapore’s Gan Kim Yong alluded to an ongoing investigation into third-party Worldcoin account sales and purchases.
Yong, the nation-state’s Deputy PM and Chairman of the Monetary Authority of Singapore, claimed in Parliament that seven people are currently under investigation. These seven “subjects” are alleged to have offered services of buying or selling Worldcoin accounts. This is an offense under Singapore’s Payment Services Act of 2019. As per his
“… Worldcoin does not perform a payment service under the PS Act. However, persons who buy or sell Worldcoin accounts and tokens as a business may be providing a payment service.” Yong’s statement was in response to parliamentary questions raised by two Ministers of Parliament – Rachel Ong and Derrick Goh. This, on the back of the country’s police warning its citizens against selling their Worldcoin accounts or tokens last month.Here, it’s worth stressing that this isn’t Worldcoin’s first rodeo with laws and regulations around the world though.
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