CandleFocus Singapore Launches Investigation into Worldcoin Account Sales for Potential Regulatory Violations
2024-09-16
Author: Content Editor
Singaporean authorities are investigating the sale of Worldcoin accounts and tokens due to suspicions that the activities may violate the country's Payment Services Act. The probe is focused on seven individuals involved in the unauthorized sale of Worldcoin-related services, including third-party transactions. Deputy Prime Minister Gan Kim Yong, who chairs the Monetary Authority of Singapore (MAS), revealed the investigation during a parliamentary session and warned users to be cautious of transferring control of their digital payment token wallets or World IDs. Worldcoin, which relies on biometric data for user verification, has faced regulatory scrutiny in multiple countries, including India, China, Germany, Brazil, Kenya, and Spain. Despite these challenges, the project has amassed over 10 million users globally as of April 2023.
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