The post Singapore Police Investigate Illegal Trading of Worldcoin Accounts and Tokens appeared on BitcoinEthereumNews.com.

Singapore police have launched an investigation into the alleged illegal trading of Worldcoin accounts and tokens, involving seven individuals who are suspected of offering services to buy and sell these assets. According to a report from Crypto News, the investigation centers around potential violations of Singapore’s 2019 Payment Services Act. While Worldcoin itself does not qualify as a payment service under the Act, those involved in the trading of its accounts and tokens may be operating an unregulated payment service, thereby breaching the law. The announcement of the investigation comes after concerns were raised about the possible misuse of Worldcoin’s identity verification and cryptocurrency distribution system. Singapore’s Deputy Prime Minister Gan Kim Yong clarified the situation, noting that although Worldcoin’s operations do not fall under regulated payment services, the buying and selling of its accounts and tokens could be seen as illegal activity if conducted without proper licensing or oversight. Understanding the 2019 Payment Services Act The 2019 Payment Services Act in Singapore governs the regulation of payment services and financial transactions, including digital payment tokens (DPTs) and money transfers. It aims to provide a regulatory framework for payment service providers, ensuring the safe and secure operation of services while protecting consumers from financial risks. The Act requires payment service providers to obtain the necessary licenses from the Monetary Authority of Singapore (MAS) if they wish to operate legally in the country. In this case, although Worldcoin does not qualify as a payment service under the Act, those suspected of facilitating the trading of Worldcoin accounts and tokens may be offering an unregulated payment service, which would require licensing under the Act. This has led Singapore authorities to open the investigation and assess whether these individuals were conducting illegal activities related to payment services. The Rise of Worldcoin and Its…

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Filed under: News - @ September 10, 2024 7:20 am