Worldcoin recently ran into regulatory hurdles in several countries. Despite this, the company has reaffirmed its committment to following local and international laws.
Its goal is to make sure their services are both accessible and compliant on a global scale.
The recent statement from Worldcoin comes in response to the decision of Spain's National Securities Market Commission (CNMV) to prohibit the startup's activities within the country for three months.
The CNMV's decision arose from the company's failure to secure authorization or even engage in securities related activities in the country.
However, despites these legal challenges, the company continues to maintain its commitment to all laws, local or international.
The company has continued to claim that it operates lawfully across all locations where it is available. It argues that the project is complaint with local laws that govern data transfers and collection.
Data Protection and Privacy
Over the concerns of security, privacy and data, the company since its launch has tried to develop ethical rules and security measures that aid in protecting customer's data.
Accordingly, the company stated that it does not engage in purchasing or selling personal data and is fully compliant with major global data protection frameworks such as EU, GDPR and APDPA.
Regulatory bodies such as the Bavarian State Office for Data Protection Supervision closely monitor Worldcoin's activities to ensure compliance with the highest legal and ethical standards.
Additionally, Worldcoin has made critical components of its technology open source to ensure transparency and recently underwent a security audit by Trail of Bits.
Worldcoin has achieved significant milestones including reaching 4 million app downloads on iOS and Android platforms since its launch in July 2023.
The app rewards users with Worldcoin's native WLD token after successfully verifying their identity through iris scans.
Worldcoin's technology revolves around the Orb device, which performs iris scans to generate a unique IrisHash for each user.
The company continues its plans for global expansion with plans to launch its operations in Mexico, Singapore and plans to reach the whole of Asia.
However, its expansion plans have been met by various obstacles in various countries such as Spain and Kenya.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
Tags :
0 Comments
Show More
Bitcoin's price tests $100K resistance, reflecting bullish momentum and volatility. Key levels could define the next phase of this upward cycle.
Cryptocurrency traders make use of multiple technical analysis tools to discern what investment decisions to make. This article is a deep dive into one of the most popular tools— the Fibonacci retracement.
This article breaks down the events, which shed the light on crypto’s perspectives for 2025, and discloses what to expect from the following year’s end. Let’s dive in!
