- Thai authorities raid World’s iris scanning locations over regulatory concerns.
- World faces scrutiny as SEC investigates unlicensed WLD token services.
- Global expansion of World faces growing regulatory challenges worldwide.
World, the digital identity platform formerly known as Worldcoin, is facing regulatory hurdles in Thailand. Local authorities, including the Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB), recently raided an iris scanning location allegedly operated by the platform.
The operation is part of an ongoing investigation into the platform’s activities in the country.
The SEC announced the raid on Friday, revealing that the company behind World, Tools of Humanity, may have violated local digital asset regulations. Authorities claim the platform was offering WLD exchange services without the required license. The raid resulted in the arrest of suspects, although further details are still pending.
World’s platform requires users to undergo an iris scan at one of its designated “orb” locations to receive WLD tokens, the native cryptocurrency of the project. According to World, these tokens are distributed in regions where local laws permit the activity.
As of now, the platform operates 102 orb locations across Thailand. However, the SEC’s investigation raises concerns about whether the company is adhering to the country’s strict digital asset laws.
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Regulatory Challenges Mount for World in Various Countries
The regulatory challenges for World extend beyond Thailand. In May, Indonesia’s Digital Ministry launched an investigation into the platform’s activities in the country. Allegations surfaced regarding suspicious actions and possible violations related to registration requirements.
As a result, World voluntarily paused its iris verification services in Indonesia while it sought clarification on the necessary licenses and permits.
Concerns about data security have also been raised in other countries, including Germany, Kenya, and Brazil. Governments have questioned whether World’s use of biometric data could pose security risks to its users. The platform’s biometric verification system, designed to create a unique World ID for each user, has sparked debates about user privacy and data protection.
As World continues to expand its operations globally, it faces increasing scrutiny from regulators. The platform’s challenges underscore the complexities of balancing innovation with compliance in the rapidly evolving digital asset space. How World navigates these regulatory issues will be critical to its future success and adoption in various markets.
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