According to Odaily, Singapore's Deputy Prime Minister and Finance Minister, Lawrence Wong, revealed in a written response to Parliament that the Singapore police are investigating seven individuals suspected of providing Worldcoin account and token transaction services. The case involves potential violations of the Payment Services Act of 2019, with five individuals already arrested by the police.
Preliminary investigations indicate that three suspects allegedly recruited individuals on behalf of multiple entities to create Worldcoin accounts and exchanged control of these accounts and tokens for cash. The other two suspects are involved in the purchase and transfer management of related assets. During the operation, the police seized over 200 mobile phones as evidence.
Wong emphasized that the Monetary Authority of Singapore does not consider Worldcoin itself to be a payment service under the Payment Services Act. However, transactions involving its accounts and tokens may constitute payment services.
