Singapore Investigating Seven People for Providing Worldcoin Services

Policy

Singapore is investigating seven people offering Worldcoin services.
Worldcoin has already faced regulatory scrutiny in Colombia, Hong Kong, Argentina and Kenya.

Singapore is investigating seven "subjects" for offering services of buying or selling of Worldcoin accounts and tokens which is an offense, a written reply in parliament by the government revealed on Tuesday.

OpenAI founder Sam Altman has founded the retina-scanning crypto startup, Worldcoin.

Two Singapore Ministers of Parliaments, Rachel Ong and Derrick Goh raised questions about whether the sale of Worldcoin in the country has any regulations supporting it or any risks associated with it.

Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of Monetary Authority of Singapore responded to say that while Worldcoin does not perform a payment service under Singapore regulations, people buying or selling Worldcoin accounts and tokens may be acting illegally by providing a payment service as unlicensed individuals.

On August 7, Singapore's police warned the public against giving away or selling their Worldcoin accounts or tokens for fear of it being used for criminal activities.

Worldcoin has already faced regulatory scrutiny in Colombia, Hong Kong, Argentina and Kenya.

Worldcoin did not immediately respond to a CoinDesk request for comment.

13 November

General

3 days ago

Mt. Gox sends 2,500 BTC ($222M) to unmarked wallets in its fifth transfer this month, per Arkham Intelligence. The bankrupt exchange continues internal and external bitcoin moves since Oct. 31, sparking speculation about future creditor distributions.

Tech

3 days ago

Interoperability advances on Polkadot with Hyperbridge’s mainnet launch. This protocol enables fast, secure crosschain connections with support for Ethereum, Optimism, and more, paving the way for a unified blockchain ecosystem.

Business

3 days ago

El Salvador's Bitcoin stash hits $100M unrealized profit, sparking a victory lap from President Bukele: "I told you so." Despite IMF warnings and criticism, El Salvador’s BTC investments since 2021 have surged in value, now totaling $516M. Bukele stands firm on holding, riding Bitcoin’s 436% rise from lows after the FTX collapse.

Policy

3 days ago

The Digital Chamber urges U.S. lawmakers to pass stablecoin legislation as use surges worldwide. A new report, "How Stablecoins are Extending U.S. Dollar Dominance," highlights their role in cross-border payments and savings, stressing that swift regulation could reinforce dollar dominance.

05 November

Markets

12 days ago

Bitcoin’s price steadied over the weekend, hovering near $68,500, after nearly touching a new all-time high at $73,600 last week. Altcoins are mostly steady, with DOGE, ETH, and BNB show slight gains, with XRP leading at a 2% rise. In contrast, SOL, ADA, and SHIB have seen small declines, while LINK is down by 3.5%, marking the largest drop among major altcoins.

Tech

12 days ago

Deutsche Telekom goes green with Bitcoin mining. Europe’s largest telecom provider plans to mine BTC using surplus renewable energy in a groundbreaking project called "Digital Monetary Photosynthesis."

Policy

12 days ago

The high-stakes legal showdown between Ripple and the SEC is entering a critical phase, with the SEC set to file its opening appeal brief by January 15, 2025. The appeal seeks to reverse an earlier ruling that XRP sales to retail investors didn’t violate securities laws—potentially reshaping U.S. crypto regulations.

General

12 days ago

The Monetary Authority of Singapore (MAS) unveiled new frameworks to boost tokenized assets and deepen liquidity in financial markets. Under ‘Project Guardian’, MAS released the frameworks for tokenizing debt markets and simplifying tokenized fund creation.

Business

12 days ago

Strive Enterprises has launched a wealth management division focused on integrating Bitcoin into standard portfolios for everyday Americans. The firm aims to offer Bitcoin as a hedge against economic and geopolitical risks, including global debt, rising yields, inflation, and restrictive monetary policies.

29 October

Business

18 days ago

1inch and the Bruce Lee Family Company join forces to “Take crypto seriousLee” in a unique campaign blending DeFi with Bruce Lee’s legacy of precision and efficiency. By highlighting shared values, the partnership aims to reshape crypto's public image as the future of finance.

Singapore Investigating Seven People for Providing Worldcoin Services

Related news

An Interview With El Salvador’s Top Crypto Regulator: ‘Developing Countries Can Lead the Financial Revolution’

Razzlekhan's Husband Gets Five Years Prison Sentence for Bitfinex Hack

Trump Names Former SEC Chair Jay Clayton to DOJ Office, the Same Office That Prosecuted SBF

Republican State AGs and DeFi Lobby Sue SEC Over Crypto Enforcement Actions

UK Government Plans Pilot for a Digital Gilt Instrument Using Distributed Ledger Technology

Polymarket's Probe Highlights Challenges of Blocking U.S. Users (and Their VPNs)

Ready to explore with XBO.com?