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Singaporean authorities are currently investigating illegal sales and purchases of Worldcoin accounts and tokens, raising concerns over potential misuse for criminal activities like money laundering and terrorism financing. On September 9, Gan Kim Yong, Singapore’s Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), disclosed that seven individuals were under investigation for providing Worldcoin-related services without proper licenses, which violates the Payment Services Act 2019.
The investigation centers on unauthorized third-party sales and transfers of Worldcoin accounts, which could be exploited for illegal purposes. While Worldcoin itself does not fall under the MAS’s definition of payment services, those who engage in buying and selling its accounts as a business may still require proper authorization.
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Globally, Worldcoin’s iris biometric data collection system has been under intense scrutiny due to privacy concerns, with several countries, including India, South Korea, Kenya, Germany, Brazil, and Spain, halting the company’s biometric data collection practices. European regulators have also raised concerns about compliance with GDPR standards. Despite these challenges, Worldcoin claims to have amassed over 10 million users by April 2023.
Singapore’s authorities have cautioned the public against transferring access to their Worldcoin accounts or World ID due to the risk of misuse. Organizations handling biometric data and other sensitive personal information must comply with the nation’s stringent data protection and security laws to prevent criminal activities.
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