World

Prime

Worldcoin

when

Force

<ul>
 <li>Singapore police are investigating potential violations of the Payment Services Act involving the sale of Worldcoin accounts and tokens.</li>  
 <li>Five individuals were arrested in connection with the alleged scheme to buy and sell Worldcoin accounts, with over 200 mobile phones seized.</li>  
 <li>The ongoing investigation highlights regulatory concerns and privacy issues related to Worldcoin’s global digital identity project.</li> 
</ul>  
The Singapore Police Force has started an investigation into the sale of Worldcoin accounts and tokens involving seven individuals suspected of offering related services. Deputy Prime Minister Gan Kim Yong announced this move on Monday in response to potential 2019 Payment Services Act (PS Act) violations.  
<h2 class="wp-block-heading" id="h-deputy-pm-details-investigation">Deputy PM Details Investigation</h2>  
In a written <a href="https://www.mas.gov.sg/news/parliamentary-replies/2024/written-reply-to-parliamentary-question-on-risks-relating-to-worldcoin-in-singapore" target="_blank" rel="noopener noreferrer nofollow">response </a>to parliamentary questions from MPs Rachel Ong and Derrick Goh, Deputy Prime Minister Gan Kim Yong magnified the specifics of the investigation. According to the Deputy Prime Minister, Worldcoin, a global identity and financial project, does not currently fall under the classification of a payment service as defined by the Payment Services Act.&nbsp;  
However, those involved in trading Worldcoin accounts and tokens may be offering a payment service without proper authorization, potentially violating the PS Act.  
The investigation led to the arrest of five individuals last month who were suspected of being part of a scheme to buy and sell Worldcoin accounts and tokens. Initial findings suggest that three men recruited individuals to create Worldcoin accounts on behalf of various entities.&nbsp;  
<h2 class="wp-block-heading" id="h-authorities-seize-over-200-mobile-phones-nbsp">Authorities Seize Over 200 Mobile Phones&nbsp;</h2>  
These accounts and associated tokens were then sold for cash, with control of the accounts handed over to a fourth man and a woman. These two individuals are believed to have played a key role in purchasing and managing the transfer of these digital assets. During the operation, authorities seized over 200 mobile phones as evidence, indicating the scale of the alleged operation.  
Deputy Prime Minister Gan Kim Yong has advised consumers to exercise caution when dealing with offers related to <a href="https://cryptonewsland.com/malaysia-adopts-worldcoins-iris-technology-for-digital-verification/" target="_blank" rel="noopener noreferrer nofollow">Worldcoin</a> accounts. He warned that these digital payment token wallets and World IDs could be misused by third parties, posing significant risks to consumers. 
The post <a href="https://cryptonewsland.com/singapore-police-probe-alleged-worldcoin-account-sales-amid-legal-concerns/" rel="noopener noreferrer nofollow">Singapore Police Probe Alleged Worldcoin Account Sales Amid Legal Concerns</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Singapore Police Probe Alleged Worldcoin Account Sales Amid Legal Concerns

Table of Contents

Crypto News Land

Other articles published on Sep 10, 2024

Morph launches CEX coalition to back blockchain developers, projects

Famous Whale Suffers Big Loss with This Altcoin: $16 Million Down!

XRP News: XRP Healthcare Leverages AI, Price Soars 5%

Ethereum Price Forecast As Crypto Markets Prepare for Trump Harris Debate

#SaferTogether: Examining TikTok’s unique content policy engagement approach for Africa

Killing Machines: Why We Need to Talk About AI use in Military

Join our free newsletter for daily crypto updates!