Worldcoin Affirms Global Legal Compliance Amid Regulatory Scrutiny

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.

Spain's Temporary Ban

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. 

Commitment to Compliance

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 Oversight and Transparency

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.

Global Expansion and Progress

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.