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Singapore police are investigating seven people suspected of selling Worldcoin accounts and providing token trading services. We are talking about a potential violation of the Payment Services Act, said Deputy Prime Minister Gan Kim Yong.
According to the MAS, Worldcoin itself is not classified as a payment service, but those who trade the project's accounts and tokens can potentially offer it. This requires obtaining a license for further activities.
Kim Yong warned users against sharing access to their tokens or World IDs, as these accounts can be used by third parties.
In August, Singapore police arrested five people suspected of buying or selling Worldcoin accounts and tokens.
According to preliminary data, three of them recruited people on behalf of various organizations to create accounts on the platform for a fee. Then the accounts were transferred to two other defendants.
During the operation, the police seized more than 200 mobile phones. Suspects, if found guilty, face a fine of up to $125,000 or a prison term of up to three years.
The investigation is ongoing.
Recall that the Worldcoin project is working on the creation of a global digital identity and financial network. The protocol confirms the user's identity by scanning the iris of the eye.
Regulators in many countries have expressed concern about this collection of biometric data. Authorities in France, the United Kingdom, Hong Kong, Colombia, Argentina and others have launched investigations into potential violations of citizens' privacy.
• Source: https://www.mas.gov.sg/news/parliam...n-on-risks-relating-to-worldcoin-in-singapore
• Source: https://www.police.gov.sg/media-roo..._one_woman_arrested_for_suspected_involvement
According to the MAS, Worldcoin itself is not classified as a payment service, but those who trade the project's accounts and tokens can potentially offer it. This requires obtaining a license for further activities.
Kim Yong warned users against sharing access to their tokens or World IDs, as these accounts can be used by third parties.
In August, Singapore police arrested five people suspected of buying or selling Worldcoin accounts and tokens.
According to preliminary data, three of them recruited people on behalf of various organizations to create accounts on the platform for a fee. Then the accounts were transferred to two other defendants.
During the operation, the police seized more than 200 mobile phones. Suspects, if found guilty, face a fine of up to $125,000 or a prison term of up to three years.
The investigation is ongoing.
Recall that the Worldcoin project is working on the creation of a global digital identity and financial network. The protocol confirms the user's identity by scanning the iris of the eye.
Regulators in many countries have expressed concern about this collection of biometric data. Authorities in France, the United Kingdom, Hong Kong, Colombia, Argentina and others have launched investigations into potential violations of citizens' privacy.
• Source: https://www.mas.gov.sg/news/parliam...n-on-risks-relating-to-worldcoin-in-singapore
• Source: https://www.police.gov.sg/media-roo..._one_woman_arrested_for_suspected_involvement
