Singapore Launches Investigation into Worldcoin Account Sales for Potential Regulatory Violations

Singaporean authorities have initiated an investigation into the sale of Worldcoin accounts and tokens, as they suspect potential violations of the country’s Payment Services Act (PS Act) of 2019. The investigation focuses on seven individuals allegedly involved in unauthorized sales of Worldcoin-related services, including third-party transactions of accounts and tokens. Deputy Prime Minister Gan Kim Yong, who also chairs the Monetary Authority of Singapore (MAS), disclosed the investigation during a parliamentary session. It is believed that these individuals may be conducting payment services without the required licenses, thereby violating the PS Act. The sale or transfer of Worldcoin accounts was previously warned against by the Singaporean Police, as these accounts can potentially be misused for illegal activities. In addition to regulatory concerns, Worldcoin’s data collection practices, especially pertaining to biometric information, have also attracted significant attention and scrutiny from global regulators. Despite these challenges, the project has continued to grow rapidly, amassing over 10 million users worldwide as of April 2023.