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The controversial cryptocurrency project, Worldcoin, has attracted attention in Singapore, where authorities are investigating its potential involvement in illicit activities, including money laundering and terrorism financing. The Monetary Authority of Singapore (MAS) and police are focusing on individuals allegedly engaged in unauthorized sales and purchases of Worldcoin accounts and tokens.
On Sept. 9, Singapore’s deputy prime minister and chairman of MAS, Gan Kim Yong, announced that law enforcement is probing seven individuals. These individuals are suspected of facilitating third-party sales of Worldcoin accounts and tokens without the necessary licenses, violating the Payment Services Act 2019. According to Yong, selling or buying Worldcoin-related products without authorization could be classified as a criminal activity under this law.
“Based on information provided to MAS, Worldcoin does not perform a payment service under the PS Act. However, persons who buy or sell Worldcoin accounts and tokens as a business may be providing a payment service,” Yong stated.
The concern is that these illegally sold accounts could be exploited for money laundering or even terrorism financing. Such criminal misuse has prompted heightened scrutiny from both the MAS and local law enforcement.
This investigation in Singapore aligns with global regulatory concerns regarding Worldcoin’s data collection methods, particularly its controversial iris biometric scanning technology. Regulatory bodies in countries like India, South Korea, Kenya, Germany, and Brazil have halted the collection of iris data and are investigating the company’s handling of sensitive biometric information.
Worldcoin’s practices, which include capturing iris scans for identification purposes, have raised privacy and security concerns. The ongoing scrutiny in Singapore only adds to the mounting challenges facing the cryptocurrency project on a global scale.