tl;dr
Singaporean authorities are investigating the unauthorized sale of Worldcoin accounts and tokens, suspecting a breach of the Payment Services Act. Deputy Prime Minister Gan Kim Yong revealed the probe during a parliamentary session, warning against engaging in such transfers. The Personal Data Prote...
Singaporean authorities are investigating the unauthorized sale of Worldcoin accounts and tokens, suspecting a breach of the Payment Services Act. Deputy Prime Minister Gan Kim Yong revealed the probe during a parliamentary session, warning against engaging in such transfers. The Personal Data Protection Act was also emphasized, particularly regarding biometric data protection. Worldcoin's data collection practices have drawn global regulatory attention, with investigations in multiple countries. Despite challenges, the project has amassed over 10 million users globally.
Singaporean authorities have launched an investigation into the sale of Worldcoin accounts and tokens, suspecting that such activities may breach the country’s Payment Services Act (PS Act) of 2019. The probe centers around seven individuals allegedly involved in the unauthorized sale of Worldcoin-related services, including third-party transactions of accounts and tokens.
Deputy Prime Minister Gan Kim Yong, who also chairs the Monetary Authority of Singapore (MAS), revealed the investigation during a parliamentary session on September 9. These individuals are being looked into for conducting payment services without the required licenses, violating the PS Act.
On August 7, 2024, the country’s Police also issued a public advisory warning against the sale or transfer of Worldcoin accounts. It highlighted that accounts could be misused for illegal purposes such as money laundering or financing terrorism.
In Singapore, the Personal Data Protection Act (PDPA) governs the collection, use, and protection of personal data, including sensitive biometric information. During the parliamentary session, Yong emphasized that organizations managing such data, particularly biometric data, need to implement appropriate protection and security measures to mitigate the associated risks when developing and operating their systems.
Worldcoin, which relies on biometric information such as iris scans for user verification, has gotten significant regulatory attention worldwide, particularly around its data collection practices. Despite the regulatory challenges, the project has aggressively expanded, amassing over 10 million users globally as of April 2023.
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