Singapore's Parliament Addresses Worldcoin Account Misuse and Privacy Risks

Singapore’s Deputy Prime Minister Gan Kim Yong addressed concerns in Parliament regarding the risks of Worldcoin’s operations in Singapore, including potential money laundering through the sale of accounts. He emphasized that although Worldcoin does not perform a payment service under current laws, buying or selling accounts may constitute a violation. Investigations are ongoing, and the public is warned against transferring their accounts due to data privacy risks and criminal misuse.

Gan Kim Yong Addresses Worldcoin Risks in Parliament

Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, responded to a Parliamentary question on Tuesday regarding the risks surrounding Worldcoin’s operations in Singapore. The response also covered issues related to the sale of Worldcoin accounts and the potential for money laundering.

Gan clarified: “Worldcoin does not perform a payment service under the PS Act. However, persons who buy or sell Worldcoin accounts and tokens as a business may be providing a payment service.” He also disclosed that investigations are underway, stating:

The Police are investigating seven subjects for their suspected involvement in offering the services of buying or selling of Worldcoin accounts and tokens, which constitute offences under Payment Services Act 2019.

Furthermore, he advised the public against selling or giving away their Worldcoin accounts due to the risk of criminal misuse, including money laundering.

On data privacy, Gan noted that Worldcoin and similar entities must comply with Singapore’s Personal Data Protection Act (PDPA), ensuring they have adequate security measures in place. He reiterated the importance of caution, stating that consumers should avoid transferring access to their digital wallets or World IDs.

What do you think about the risks associated with Worldcoin’s operations and the ongoing investigations in Singapore? Let us know in the comments section below. #Write2Earn