Worldcoin Ensures Legal Compliance Amid Regulatory Scrutiny

Worldcoin’s representatives assert that their operations are fully lawful, adhering to the legal frameworks of the jurisdictions where the cryptocurrency is available. In a statement dated March 18, they confirmed the project’s commitment to aligning with all pertinent laws and regulations regarding data collection and sharing. Specifically, Worldcoin has aligned its practices with the European Union’s General Data Protection Regulation (GDPR) and Argentina’s Personal Data Protection Law, ensuring legal compliance.

The statement emphasizes, “Worldcoin conducts its business legally across all regions where its services are offered.”

The Worldcoin organization also highlighted its dedication to the transparency of the project and the confidentiality of the biometric data it collects, specifically stating that the iris scans gathered are solely used for verifying users’ identities. Despite these assurances, the value of Worldcoin’s native token, WLD, experienced a 10% decrease to $8.71 over the last day, as per CoinMarketCap, amidst the publication of these statements. This decline continues a trend observed over the previous week, with a 9.6% drop following a period of substantial growth, where the token’s value surged by 40% within a month.

This announcement comes in the wake of a Spanish regulatory authority’s decision to halt Worldcoin’s operations in Spain, a decision Worldcoin contested unsuccessfully. The court upheld the suspension, citing concerns over the risks posed by biometric data collection, while also noting apprehensions regarding the impact of iris scanning on individuals’ rights.

Additionally, Worldcoin has encountered regulatory challenges in other nations, including Germany, France, South Korea, and Kenya, further illustrating the complex regulatory landscape the firm navigates.

source