Singapore authorities are investigating the sale of Worldcoin accounts and tokens! 🕵️‍♂️ These activities are believed to be in violation of the country’s Payment Services Act 2019 (PS Act).

Seven people have been charged with unauthorized sale of Worldcoin services. MAS Chairman and Deputy Prime Minister Gan Kim Yong said that these individuals were providing payment services without the necessary licenses.

Police also warned against the sale of Worldcoin accounts on August 7, 2024. It was emphasized that these accounts could be used for illegal purposes. 💼

Yong warned users to be wary of offers to transfer their digital payment token wallets or World IDs. He noted that these accounts could be misused by third parties.

In Singapore, the Personal Data Protection Act (PDPA) regulates the protection of biometric data. Yong stressed that organizations managing such data should take appropriate security measures.

Worldcoin uses biometric data to authenticate users, and this is facing regulatory scrutiny around the world. The project reached 10 million users as of April 2023.