Worldcoin Ensures Compliance Amidst Legal Hurdles in Spain
Summary:
Worldcoin, the international cryptocurrency and digital identity project, has provided updates about its regulatory compliance and operations amidst increased legal uncertainty in Spain. The company reaffirmed its lawful operations in all its accessible locations and its commitment to comply with global data protection frameworks. Updates also clarify that Worldcoin doesn't accept underage users, possesses state-of-the-art security features, and maintains full self-custody of personal data. The announcement follows a temporary ban on its operations in Spain, and the company’s unsuccessful attempt to defend its activities in a local Spanish court.
Worldcoin, the international project focused on digital identification and cryptocurrency, has recently issued comments regarding its regulatory adherence and activities, amid escalating legal concerns in Spain. With an update on March 18, Worldcoin's blog released a post titled "Essential facts about Worldcoin," aimed at offering fundamental details surrounding its operational guidelines and regulatory compliance. Worldcoin emphasized that it functions "legally in each locale where its services are accessible" and is crafted to adhere strictly to all rules and regulations overseeing data transfer and data collection. It highlighted a previous post from January providing more in-depth information on regulatory compliance, illuminating that the project aligns with notable international data protection frameworks like the General Data Protection Regulation from Europe and the Personal Data Protection Act from Argentina. According to the latest blog update, Worldcoin doesn't permit underage individuals to sign up on the platform, and every user is obligated to assert in the World App that they're at least 18 years old before verification at an Orb. Moreover, the Worldcoin Foundation along with its contributor, Tools for Humanity, firmly stated that they've "never traded, don't trade, and will never trade personal information, including biometric data." Worldcoin also emphasized that World ID and World App maintain full self-custody, indicating that only the owner has possession of information like the name, phone number, email address, and other personally identifiable details. Referencing the safety features of the orb's hardware, the post noted that it's armed with a variety of advanced security measures to ensure the safety of the data and prevent unauthorized access. The new post emerged in the midst of the existing uncertainty surrounding Worldcoin's operations in Spain. Only last month, Spain’s data protection agency directed Worldcoin to halt data collection and processing on Spanish soil, imposing a temporary ban on its operations. In response, Worldcoin was unsuccessful in justifying its Spanish operations as a local court rejected its plea against the data regulator. Started by Sam Altman, OpenAI's CEO, Worldcoin is an open-source protocol striving to offer digital identification and property rights to every individual worldwide. Despite launching officially in July 2023, it faced resistance from worldwide regulators due to apprehensions related to data privacy and protection. In August 2023, Worldcoin saw a ban in Kenya, with the government stopping all local involvement with the platform, including biometric identification processes. Worldcoin disclosed a few months later, that it has been collaborating with the Kenyan government to reinstate its operations by 2024.
Published At
3/18/2024 4:50:28 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.