Singapore’s Deputy Prime Minister and chair of the Financial Authority of Singapore (MAS), Gan Kim Yong, introduced an investigation into seven people on suspicions of illicit commerce in Worldcoin accounts and tokens.
The announcement got here on September 9, stating that the people are suspected of shopping for and promoting these accounts and tokens, actions that would violate the Cost Companies Act of 2019.
Worldcoin Faces Singapore Probe
Yong emphasized that the MAS doesn’t take into account Worldcoin a licensed cost service in line with the provisions of the PS Act. He additional defined that buying and selling WLD accounts and tokens might probably qualify as working a cost service, which could be illegal and will facilitate crimes akin to cash laundering and terrorism financing.
Yong additionally issued a warning to customers, advising them to be vigilant about affords that would result in the unauthorized use of their digital cost token wallets or World IDs, as these could possibly be exploited by others. He strongly cautioned in opposition to transferring entry to those accounts.
The scrutiny of Worldcoin in Singapore is a part of a sequence of worldwide authorized challenges the corporate faces. Within the final yr, regulatory our bodies in nations akin to Kenya, South Korea, and Germany have initiated investigations into the coin’s use of iris biometric information, involved with potential violations of native information privateness legal guidelines.
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