As a seasoned crypto investor with a decade of experience navigating the ever-evolving digital asset landscape, I find myself both intrigued and concerned by the recent investigation into Worldcoin (WLD) by Singaporean authorities. Having witnessed numerous market cycles and regulatory crackdowns, I’ve learned to keep a keen eye on such developments, as they often have far-reaching implications for the industry at large.
Singaporean officials have initiated an inquiry concerning seven individuals suspected of engaging in unlawful transactions involving Worldcoin.
On September 9, Deputy Prime Minister Gan Kim Yong disclosed an ongoing investigation, during which it was unveiled that the individuals under scrutiny are alleged to have provided services for trading Worldcoin accounts, possibly infringing upon the Payment Services Act 2019 (PS Act). This legislation stipulates that only authorized entities or exempted individuals are permitted to carry out such transactions.
Potential Violations of the PS Act
In a parliamentary meeting on Monday, Minister Gan addressed questions from Ms. Rachel Ong and Mr. Derrick Goh concerning the control of Worldcoin’s activities within Singapore, and whether any laws exist regarding the transfer of Worldcoin accounts to external brokers for financial motivations.
It was made clear that these types of businesses fall under the jurisdiction of the Payment Services Act. Nevertheless, as per the Monetary Authority of Singapore (MAS), Worldcoin does not engage in account sales.
Even though the crypto project itself does not deal with the trading of users’ data, individuals who buy and then resell Worldcoin accounts or tokens might be breaking the law by offering unauthorized payment services, according to the Payment Services Act (PS Act). This could lead to worries about the misuse of digital identities for harmful activities like money laundering.
Consequently, the Singapore authorities initiated an investigation involving seven people who are believed to be involved in illegal financial dealings.
Officials are actively collecting additional details about those suspected in this matter. If proven guilty, the accused may encounter severe judicial penalties, such as monetary fines and incarceration, given Singapore’s stringent financial laws.
Public Warnings on the Sale of Digital Identities
The probe is based on prior alerts from Singaporean officials concerning the risks associated with trading Worldcoin account ownership. On August 7, law enforcement released a public statement urging citizens to refrain from selling their digital identities or transferring them to others. The authorities stressed that engaging in such transactions could potentially involve individuals in illicit activities and illegal schemes.
In that very same month, officials apprehended five people who were engaged in the illicit trade. As stated in the declaration, these individuals – four men and one woman – were offering unlicensed payment services.
Currently, the examination of Worldcoin’s account trading activities in Singapore is increasing global attention on this blockchain initiative due to its growing scrutiny. Worldcoin, a platform that confirms user identities via iris scans, has been under fire for privacy issues and faced legal opposition in numerous countries.
In Hong Kong right now, officials are examining the activities of this cryptocurrency project, as they suspect it may have breached the nation’s federal privacy regulations. The project is under scrutiny and is currently facing potential issues, with Sam Altman being its owner.
Moreover, Colombian officials are examining the project over possible infringements of privacy rights. Previously, inquiries concerning this project had been initiated by authorities in Kenya, though they subsequently chose to discontinue their investigation.
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2024-09-10 12:11