ICO representative refused to confirm or deny the possible investigation into Worldcoin.
Worldcoin, the cryptocurrency project recently launched with an innovative yet contentious identification feature, may be under the scrutiny of the UK's data regulators.
According to the Reuters report shared on July 25th, the local regulators raised concerns over the safety of essential biometric information and user privacy.
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With Worldcoin's first steps into the cryptocurrency scene, the UK's Information Commissioner's Office (ICO) has taken notice, hinting at further explorations relating to the project's compliance with data laws.
The ICO, however, remained tight-lipped when approached for comments on a possible Worldcoin probe. The ICO spokesperson noted:
No public announcements have been made to either confirm or refute any investigations into Worldcoin. Until then, I'm not in a position to provide any comments.
On top of that, the representative highlighted that despite the origin of the company:
<All firms> need to have a clear lawful basis to process personal data. Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment.
The brainchild of OpenAI's CEO, Sam Altman, Worldcoin saw the light of day on July 24th with the unique premise of integrating digital identification into the crypto sphere.
When asked about possible investigations by various authorities, the Worldcoin representative stated that the company complies with all guidelines provided by the authorities and is "continuing to assess local laws and regulations to ensure compliance." On top of that, the spokesperson assured:
With regard to GDPR, Worldcoin is fully compliant with all laws and regulations governing biometric data collection and data transfer, including Europe’s General Data Protection Regulation.
Moreover, in addition to the potential UK investigation, the project has other hurdles to face. Worldcoin's native token, WLD, has no plans to be included in the US market as US-based crypto exchanges, including Coinbase and Kraken, will not list the token due to regulatory issues in the US.
