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Worldcoin clarifies legality issues following Spain’s 3-month ban on its operations

Press Releases Crypto News CryptoSlate Worldcoin clarifies legality issues following Spain’s 3-month ban on its operations

Worldcoin has publicly recently reaffirmed the legality of its operations across the globe amid rising regulatory concerns that have led some countries to halt its operations in their jurisdictions.

The public declaration comes in the wake of a recent decision by Spain’s National Securities Market Commission (CNMV) to prohibit the startup’s activities within the country for three months. The CNMV’s decision was based on Worldcoin’s failure to secure authorization to provide investment services or engage in securities-related activities in Spain.

Despite these hurdles, Worldcoin said it maintains a steadfast commitment to adhering to local and international laws, ensuring its innovative approach to identity verification remains accessible and compliant globally.

According to the blog:

“Worldcoin operates lawfully in all of the locations in which it is available.

Various other authorities have also raised concerns regarding the project’s transparency and data security in recent months, leading to investigations and regulatory actions in multiple countries, including Germany, France, South Korea, Argentina, the UK, and Kenya.

No money involved

The project emphasized that its data collection process adheres to strict ethical guidelines and does not involve purchasing or selling personal information. Additionally, the project has implemented advanced security measures to protect users’ biometric data.

Instead, Worldcoin aims to provide universal access to financial services and identity verification through its World ID, a privacy-centric global identity network designed to reduce economic inequality by allowing equal participation in the digital economy.

According to the blog, the project operates under strict adherence to data protection and privacy regulations, including the EU’s GDPR and Argentina’s Personal Data Protection Act.

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Author: Assad Jafri

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