Singapore Investigates Worldcoin Services Amid Regulatory Concerns

According to CoinDesk, Singapore is currently investigating seven individuals for offering services related to the buying or selling of Worldcoin accounts and tokens. This action is considered an offense under local regulations, as revealed in a written reply by the government in parliament on Tuesday. Worldcoin, a retina-scanning crypto startup, was founded by OpenAI's Sam Altman and has already faced regulatory scrutiny in countries such as Colombia, Hong Kong, Argentina, and Kenya. Two Members of Parliament, Rachel Ong and Derrick Goh, raised questions regarding the regulatory framework and potential risks associated with the sale of Worldcoin in Singapore. Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, responded by clarifying that while Worldcoin does not perform a payment service under Singapore's regulations, individuals involved in buying or selling Worldcoin accounts and tokens may be acting illegally by providing a payment service without a license. On August 7, Singapore's police issued a warning to the public against giving away or selling their Worldcoin accounts or tokens, citing concerns that these could be used for criminal activities. Despite the ongoing investigations and warnings, Worldcoin has not yet responded to CoinDesk's request for comment.