Worldcoin Under Investigation in Singapore Amidst Global Privacy Concerns and New Security Features
The post Worldcoin Under Investigation in Singapore Amidst Global Privacy Concerns and New Security Features appeared on BitcoinEthereumNews.com.
Worldcoin has recently come under the spotlight as Singapore investigates potential illegal activities surrounding its trading practices. The investigation emphasizes regulatory concerns around cryptocurrency and highlights the importance of compliance in the digital asset space. Deputy Prime Minister Gan Kim Yong warned consumers to exercise caution regarding their digital asset wallets. This article delves into the ongoing regulatory scrutiny faced by Worldcoin, including recent actions taken by the Monetary Authority of Singapore and the project’s efforts to enhance user privacy amidst these challenges. Worldcoin Faces Regulatory Scrutiny in Singapore On September 9, Singapore’s Deputy Prime Minister Gan Kim Yong revealed that the Monetary Authority of Singapore (MAS) is investigating seven individuals suspected of engaging in illicit trade of Worldcoin accounts and tokens. This announcement draws attention to the broader implications of cryptocurrency trading and its regulatory landscape, as such actions potentially violate the Payment Services Act of 2019. Given that Worldcoin operates in a complex legal environment, the prospect of heightened scrutiny could impact its market position significantly. Concerns Over Data Privacy and Compliance Worldcoin’s run-ins with regulatory bodies are not limited to Singapore. Over the past year, various nations, including Kenya, South Korea, and Germany, have launched investigations focused on Worldcoin’s utilization of iris biometric data. These inquiries raise vital questions regarding compliance with local data privacy laws. MAS clarified that Worldcoin does not meet the requirements to be classified as a certified payment service under the Payment Services Act, emphasizing the potential risks associated with unauthorized trading of WLD accounts. Enhancements to User Privacy and Security In response to growing regulatory scrutiny, Worldcoin is proactively implementing new features designed to bolster user privacy and secure transactions. These updates include the introduction of a “Personal Custody” option and the “Unverify World ID” mechanism, which employs advanced Zero-Knowledge Proofs (ZKPs)…
Filed under: News - @ September 10, 2024 10:22 pm