Singapore is World Coinis a cryptocurrency project from Sam Altman that uses iris scanning to identify users.
of Monetary Authority of Singapore (MAS) It has been confirmed that WorldCoin itself does not fall within the scope of the Payment Services Act 2019.
However, individuals who operate a Worldcoin account or token buying and selling business could be in violation of this law.
Police are investigating seven people suspected of providing such services.
A public advisory has also been issued warning people to refrain from selling or transferring WorldCoin accounts as they may be misused for criminal activities such as money laundering and terrorist financing.
Regarding data privacy concerns, the Personal Data Protection Commission (PDPC) has emphasised the importance of strong data protection measures for organisations handling biometric data, including technology such as iris scanning, which Worldcoin uses.
Singapore consumers should exercise caution and avoid transferring access to their digital payment token wallets or World IDs as they may be misused by third parties for illegal purposes.
The move in Singapore comes amid widespread scrutiny of WorldCoin’s operations globally, including in Hong Kong, where the project has recently faced significant privacy concerns.
The Personal Information Protection Commissioner’s Office (PCPD) of Hong Kong Found WorldCoin violated privacy laws, among other things, by collecting and using biometric data without proper consent and safeguards.
As a result, Hong Kong’s Privacy Commissioner issued an Enforcement Notice to the WorldCoin Foundation, ordering it to cease all iris and facial image collection operations in the region.
