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The Korea Digital Asset Exchange Association announced that ORB (Orbs) and TEMCO will be included in the trading warning currencies. Deposit business of these two currencies will be suspended. The ORB project failed to truthfully disclose information that had a significant impact on the currency price. TEMCO was for arbitrarily changing important information without public disclosure.

-- The head of MAS clarified whether Worldcoin activities fall under the Payment Services Act. -- He said the project itself does not, but the resale of accounts and tokens does. -- He also said local police are investigating seven other cases of Worldcoin account trading. Prior to that, law enforcers arrested five people on suspicion of the crime in August 2024. In Singapore, police are investigating seven cases of alleged trading of Worldcoin project accounts and tokens, which is a violation of the Payment Services Act 2019. This was stated by the chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong. Thus the official responded to a question from MPs about whether Worldcoin's activities fall under the definition of payment services. According to Kim Yen, the project itself is outside the jurisdiction of the regulator, which is not the case with the retail trade of tokens and accounts. He also referred to a press release from the Singapore Police Force issued in August 2024. It warns citizens not to transfer or sell Worldcoin accounts that could be used for illegal activities, including terrorist financing and money laundering. The press release also states the arrest of five people for trading in the project's accounts and tokens. This crime is punishable by a $125,000 fine and up to three years in prison. Recall, the project's World ID verification system was launched in Singapore in December 2023. Local residents can confirm their identity and get a digital identifier using a special device Orb. At the same time, the problem of selling accounts appeared even before the official launch of the project. In May 2023, we reported that residents of China, where verification is not possible, bought retina scans of other users at a price of about $30 to bypass the restriction.

Tools for Humanity, the company behind Worldcoin, is exploring potential partnerships with digital payment giant PayPal and Artificial Intelligence (AI) research company OpenAI, said Alex Blania, Chief Executive Officer at Tools for Humanity, in a recent interview with Bloomberg News. Details about these potential partnerships, however, remain tentative and non-specific. Blania did not provide concrete examples of what the collaboration with OpenAI might entail. “There’s some natural things in how we might and will work together,” he said. “But it’s nothing that we’re ready to announce yet.” Regarding PayPal, a potential collaboration might still be in the preliminary stages. According to Blania, Tools for Humanity has had conversations with PayPal Holdings, but, as with OpenAI, these discussions have not yet led to any concrete developments. A PayPal spokesperson told Bloomberg that the company does not comment on rumors or speculation. Apart from their specific offerings, Sam Altman’s involvement is crucial for both OpenAI and Worldcoin. At OpenAI, Altman serves as CEO. Under his leadership, the organization has significantly expanded its scope, secured substantial funding, and positioned itself as a leader in AI innovation. While not directly involved in day-to-day operations, Altman remains a co-founder and influential figure at Tools for Humanity. Blania claimed that Altman’s high profile has attracted significant attention to the project and drawn increasing regulatory scrutiny. Worldcoin, in particular, has encountered investigations and regulatory actions in multiple countries. There were raids in Hong Kong, investigations in Germany and Argentina, and a ban in Kenya. Additionally, regulators in Spain and Portugal have raised concerns about minors participating in eye scans. Blania said the company is taking a proactive approach by engaging with regulators and making adjustments based on their feedback. Strategy shift Despite facing setbacks, the company is expanding its product offerings and has introduced more user control over data, such as allowing users to request the deletion of their World IDs. Earlier this month, Worldcoin revealed plans to launch a layer 2 blockchain called World Chain and is upgrading the orb scanning device (Orb). Blania shared that the project is also moving away from the term “universal basic income” to “distribution of scarce resources” to better reflect its goals and avoid political connotations. Worldcoin sparked controversy this week with plans to sell its native token, WLD, to investors outside the US. This move aims to increase the circulating supply of WLD by 19% over the next six months. As of April 2024, Worldcoin has attracted over 5.1 million registrations across 120 countries. Also, over 2,000 Orbs have been produced to potentially verify these identities.

Tools for Humanity, the company behind Worldcoin, is exploring potential partnerships with digital payment giant PayPal and Artificial Intelligence (AI) research company OpenAI, said Alex Blania, Chief Executive Officer at Tools for Humanity, in a recent interview with Bloomberg News. Details about these potential partnerships, however, remain tentative and non-specific. Blania did not provide concrete examples of what the collaboration with OpenAI might entail. “There’s some natural things in how we might and will work together,” he said. “But it’s nothing that we’re ready to announce yet.” Regarding PayPal, a potential collaboration might still be in the preliminary stages. According to Blania, Tools for Humanity has had conversations with PayPal Holdings, but, as with OpenAI, these discussions have not yet led to any concrete developments. A PayPal spokesperson told Bloomberg that the company does not comment on rumors or speculation. Apart from their specific offerings, Sam Altman’s involvement is crucial for both OpenAI and Worldcoin. At OpenAI, Altman serves as CEO. Under his leadership, the organization has significantly expanded its scope, secured substantial funding, and positioned itself as a leader in AI innovation. While not directly involved in day-to-day operations, Altman remains a co-founder and influential figure at Tools for Humanity. Blania claimed that Altman’s high profile has attracted significant attention to the project and drawn increasing regulatory scrutiny. Worldcoin, in particular, has encountered investigations and regulatory actions in multiple countries. There were raids in Hong Kong, investigations in Germany and Argentina, and a ban in Kenya. Additionally, regulators in Spain and Portugal have raised concerns about minors participating in eye scans. Blania said the company is taking a proactive approach by engaging with regulators and making adjustments based on their feedback. Strategy shift Despite facing setbacks, the company is expanding its product offerings and has introduced more user control over data, such as allowing users to request the deletion of their World IDs. Earlier this month, Worldcoin revealed plans to launch a layer 2 blockchain called World Chain and is upgrading the orb scanning device (Orb). Blania shared that the project is also moving away from the term “universal basic income” to “distribution of scarce resources” to better reflect its goals and avoid political connotations. Worldcoin sparked controversy this week with plans to sell its native token, WLD, to investors outside the US. This move aims to increase the circulating supply of WLD by 19% over the next six months. As of April 2024, Worldcoin has attracted over 5.1 million registrations across 120 countries. Also, over 2,000 Orbs have been produced to potentially verify these identities.

Worldcoin is a new cryptocurrency project that was launched in 2021. Here's a quick overview of Worldcoin: 1. Concept and Goals: - Worldcoin's primary goal is to create a new global digital currency that can be accessed by as many people as possible around the world. - The project aims to achieve widespread adoption by distributing free Worldcoin (WLD) tokens to individuals through a unique "orb" scanning process. 2. Orb Scanning Process: - Worldcoin uses a specially designed hardware device called an "orb" to scan individuals' eyes in order to verify their identity and distribute the free WLD tokens. - The orb scanning process is intended to ensure that each person can only receive one free WLD token, preventing duplication and fraud. 3. Token Distribution: - Worldcoin plans to distribute a significant portion of the total WLD token supply (estimated at 10 billion) for free to individuals around the world who undergo the orb scanning process. - The remaining tokens will be allocated to the project's founders, early investors, and for ongoing development and operational costs. 4. Potential Uses: - Worldcoin is envisioned as a global digital currency that can be used for everyday transactions, remittances, and other financial activities. - The project aims to provide financial access and inclusion, particularly for unbanked or underbanked populations around the world. 5. Challenges and Criticisms: - Worldcoin has faced some criticism and concerns regarding privacy, data security, and the potential for surveillance or misuse of the biometric data collected during the orb scanning process. - There are also questions about the long-term sustainability and adoption of the Worldcoin project, as well as the overall utility and viability of the WLD token. Overall, Worldcoin is a highly ambitious and innovative cryptocurrency project, but it faces significant challenges in terms of user adoption, regulatory compliance, and addressing privacy and security concerns. The project's success will depend on its ability to navigate these complexities and demonstrate real-world utility for its global digital currency.