Singapore is scrutinising activities related to Worldcoin, a Sam Altman’s cryptocurrency project that utilises iris scans for user identification.
The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019.
However, individuals engaged in the buying or selling of Worldcoin accounts and tokens as a business may be in violation of the Act.
Police investigations are underway, targeting seven individuals suspected of offering such services.
A public advisory has also been issued, cautioning against the sale or transfer of Worldcoin accounts due to potential misuse for criminal activities like money laundering and terrorism financing.
Regarding data privacy concerns, the Personal Data Protection Commission (PDPC) has emphasized the importance of robust data protection measures for organisations handling biometric data, including technologies like iris scanning, which Worldcoin uses.
Consumers in Singapore are urged to exercise caution and refrain from transferring access to their digital payment token wallets or World IDs, as these could be exploited by third parties for illicit purposes.
These developments in Singapore come amid broader scrutiny of Worldcoin’s operations globally, including in Hong Kong, where the project has recently faced significant privacy concerns.
The Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD) has reportedly found that Worldcoin breached privacy laws, particularly in the collection and use of biometric data without proper consent and safeguards.
As a result, the Privacy Commissioner in Hong Kong issued an enforcement notice to the Worldcoin Foundation, ordering the cessation of all iris and facial image collection operations in the region.
