MAS warns of misuse in Worldcoin token, account trading

This incident could potentially violate the Payment Services Act 2019.

The Singapore Police Force is investigating seven individuals for suspected involvement in the buying or selling of Worldcoin accounts and tokens, potentially violating the Payment Services Act 2019, according to Monetary Authority of Singapore (MAS) chairman Gan Kim Yong.

In a written reply to MPs Rachel Ong and Derrick Goh, Gan clarified that whilst Worldcoin does not currently provide a payment service under the Act, those who buy and sell Worldcoin accounts and tokens as a business may be doing so.

Gan also cautioned consumers against giving away their digital payment token wallets or World IDs, warning of potential misuse by third parties.