Hong Kong authorities are investigating Worldcoin (WLD), a crypto project focused on identity verification. The Region’s Office of the Personal Data Protection Commissioner (PCPD) is concerned about the protection of personal data.
Search for Worldcoin real estate
The information collected from users through iris scans is considered confidential under Hong Kong regulatory guidelines. According to PCPD, all personal data collected by Worldcoin must serve a lawful purpose related to the project activities.
PCPD has issued search warrants for six Hong Kong properties owned by Worldcoin. The government agency collected documents and information and looked for possible violations of data protection laws. The action highlights the regulatory challenges facing new technologies and companies.
What is Worldcoin?
Worldcoin was founded in 2019 by Sam Altman, who we also know as the CEO of the company behind ChatGPT and Dall-e. The project has the noble ambition of creating a unique global digital identity for every person. It uses advanced technology, including iris scanning devices called orbs.
Since its announcement in 2021 and its official launch in July 2023, more than 5 million people have signed up for Worldcoin and created accounts using their identity. The more people join the network, the greater the digital inclusivity.
Explore Bitcoin ETFs in Hong Kong
Although Hong Kong appears to be cracking down on Worldcoin, the region is generally considered crypto-friendly. The region’s Securities and Futures Commission (SFC) has announced that it is open to allowing spot exchange-traded funds (ETFs), similar to what we have recently seen in America.
The approval of a Bitcoin (BTC) spot ETF would not only boost Hong Kong’s crypto ambitions but also mark a milestone for East Asia. The developments highlight the region’s proactive stance in establishing clear regulations for cryptocurrencies.
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