On Tuesday, Singapore’s Deputy Prime Minister, Gan Kim Yong, addressed Parliament regarding concerns about Worldcoin’s operations in the country. The concerns were on threats such as improper use of Worldcoin accounts and the possibility of the accounts being used to conduct money laundering. Gan Kim Yong stressed that Worldcoin does not currently operate as a payment service provider under Singapore’s Payment Services Act (PS Act). However, he stated that trading Worldcoin accounts would qualify as a payment service for business purposes, which could lead to law violations. He also mentioned that seven people have been reported to the police for buying and selling Worldcoin accounts and tokens, which is prohibited under the Payment Services Act 2019. Worldcoin Account Transfers May Lead
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On Tuesday, Singapore’s Deputy Prime Minister, Gan Kim Yong, addressed Parliament regarding concerns about Worldcoin’s operations in the country. The concerns were on threats such as improper use of Worldcoin accounts and the possibility of the accounts being used to conduct money laundering.
Gan Kim Yong stressed that Worldcoin does not currently operate as a payment service provider under Singapore’s Payment Services Act (PS Act). However, he stated that trading Worldcoin accounts would qualify as a payment service for business purposes, which could lead to law violations. He also mentioned that seven people have been reported to the police for buying and selling Worldcoin accounts and tokens, which is prohibited under the Payment Services Act 2019.
Worldcoin Account Transfers May Lead to Money Laundering, Singapore’s Deputy PM Cautions
The Deputy Prime Minister asked people to refrain from transferring or selling their Worldcoin wallets. He stressed that such actions could result in criminal use, including possibly money laundering. Gan Kim Yong also pointed out the need to safeguard personal data and privacy. It is notable that Worldcoin or any entity as such has to position itself in accordance with Singapore’s Personal Data Protection Act (PDPA). This law demands the provision of sufficient security to protect personal information.
Ultimately, Gan Kim Yong’s statement in Parliament points to further investigations of transactions through the Worldcoin accounts and the threats connected with these operations. He encouraged people to be careful and not share their digital wallets and World IDs to avoid misuse and to follow Singapore’s privacy regulations.