Iris-Scanning Worldcoin Token Gets Malaysian Regulator’s Nod

Iris-Scanning Worldcoin Token Receives Approval from Malaysian Regulator

The Securities Commission Malaysia (SC) has given its stamp of approval for the trading of the Worldcoin (WLD) token on recognized digital asset exchanges. This announcement was made by Cuscapi, a Malaysia-based digital business solutions provider, which revealed that its associate company MX Global had received the regulatory approval on May 9. The move comes after MX Global secured an equity investment from cryptocurrency exchange Binance earlier this year.

With this approval, the Worldcoin token now joins a list of 14 permitted digital assets that can be traded within Malaysia. Notable cryptocurrencies on the list include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Polygon (MATIC), and Solana (SOL).

The approval from the SC follows a meeting between Worldcoin executives and Malaysian government officials, during which they discussed the token’s strategic expansion. The meeting involved Alex Blania, the lead developer of Worldcoin and the co-founder and CEO of Tools of Humanity, as well as key Malaysian government leaders. Prior to the physical meeting, Blania and OpenAI CEO Sam Altman had a virtual discussion with the Malaysian government, focusing on the rapid development of technology.

While the approval in Malaysia is a positive development for Worldcoin, concerns about privacy and regulatory uncertainty still exist. In March, Portugal’s data oversight authority, CNPD, issued a directive instructing Worldcoin to pause biometric data collection for 90 days due to concerns about data protection rights. However, Ethereum co-founder Vitalik Buterin has expressed support for Worldcoin’s efforts to ensure user data privacy, acknowledging the implementation of cryptographic measures by Sam Altman.

Overall, the approval from the Malaysian regulator represents a significant milestone for the Worldcoin token, as it gains recognition in the digital asset market within the country.