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Iris-Scanning Worldcoin Token Gets Malaysian Regulator’s Nod

The Securities Commission Malaysia (SC), the regulatory authority of the country, has given its approval for the trading of the Worldcoin (WLD) token on digital asset exchanges officially recognized by the SC.

Cuscapi, a Malaysia-based provider of digital business solutions, announced that its associated company MX Global received this approval on May 9th. This authorization enables the trading of the WLD token.

Earlier in March 2022, MX Global had secured an undisclosed equity investment from Binance, a prominent cryptocurrency exchange.

The addition of the WLD token marks the 14th digital asset permitted for trading in Malaysia. Among the approved cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Polygon (MATIC), and Solana (SOL).

The announcement follows a meeting between Worldcoin executives and high-ranking Malaysian officials, marking a strategic step towards the token’s expansion. Alex Blania, the lead developer of Worldcoin and co-founder/CEO of Tools of Humanity, participated in discussions with key government figures.

Preceding the in-person gathering, Blania and OpenAI CEO Sam Altman engaged in a 30-minute virtual dialogue via video conference with Malaysian government representatives. Their conversation encompassed various facets of technological advancement.

As per a post by Malaysian President Anwar Ibrahim, Altman and Blania provided insights into the progress of the Worldcoin project. They emphasized its mission to establish a global and inclusive financial network while prioritizing confidentiality.

Regulatory Uncertainty and Privacy Concerns Still Loom on Worldcoin

Concerns about privacy have arisen globally regarding the Worldcoin initiative. In March, Portugal’s data oversight authority, CNPD, issued a directive requiring Worldcoin (WLD) to halt biometric data collection for a period of 90 days.

CNPD highlighted significant risks to citizens’ data protection rights associated with WLD, urging immediate measures to mitigate potential harm.

However, Ethereum co-founder Vitalik Buterin holds a contrasting perspective on this iris-scanning digital token. Recently, he commended Worldcoin’s efforts in safeguarding user data privacy.

Buterin noted that Sam Altman has done “quite a good job” in implementing cryptographic measures to uphold data confidentiality.

“In my opinion, they have genuinely taken the privacy concerns seriously,” Buterin remarked.

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