Authorities in Singapore are investigating the sale of unauthorized Worldcoin accounts, warning that they could be used for money laundering and terrorist financing.
The authorities in Singapore have launched an investigation into the sale of #Worldcoin accounts and tokens, suspecting that such activity may be in violation of the Payment Services Act (PS Act) 2019.
The investigation centers on seven individuals who were allegedly involved in the unauthorized sale of Worldcoin-related services, including accounts and tokens, to third parties.
Deputy #Prime Minister Gan Kim Yong, who also heads the Monetary Authority of Singapore (MAS), spoke about the investigation in Parliament on September 9.
These individuals are being investigated for providing payment services without the necessary licenses, which is a violation of the PS Act.
According to information provided by MAS, Worldcoin does not provide payment services under the PS Act. However, those who buy and sell Worldcoin accounts or tokens as a business may offer payment services.
On August 7, 2024, the country's police also issued a public warning against the sale or transfer of Worldcoin accounts.
Police emphasized that Worldcoin accounts could be used for illegal purposes such as money laundering and terrorist financing. Consumers should be wary of offers to transfer access to digital payment tokens or World #ID wallets.
Mr. Yong warned users in Parliament to be wary of offers to hand over control of digital payment tokens or World ID wallets. He also urged them not to participate in such transfers, as these accounts could be used by third parties.
In Singapore, the Personal Data Protection Act (PDPA) regulates the collection, use and protection of personal data, including sensitive biometric data.
Speaking in Parliament, Mr.
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