Loading...

Worldcoin’s Decides to Withhold Operations in Spain Until End of 2024

In this post:

  • Worldcoin commits to not resuming users registrations in Spain until end of 2024.
  • The project has faced regulatory challenges around the world due to its private data collection.
  • The regulatory challenges has impacted WLD token, which is down 60% from its all-time high.

Tools for Humanity, the technology company behind the eyeball-scanning crypto startup Worldcoin, has voluntarily offered to suspend operations in Spain until the end of this year. This was revealed by the Spanish Data Protection Agency (AEPD) in a June 4 press statement.

Also Read: Worldcoin Project Ordered to Stop Operations in Hong Kong

According to the Spanish regulator, the crypto firm will not resume its data collection activities in the country until Germany’s data protection authority, Bayerische Landesamt für Datenschutzaufsicht (BayLDA), completes its investigations on how Worldcoin was handling the personal data it collects.

Worldcoin’s global regulatory challenges

The outcome of BayLDA’s investigation will determine whether Worldcoin can resume operations. However, the temporary pause remains in effect, and the regulator retains the authority to take further action if necessary.

AEPD stated:

“This legally binding commitment adopted by the company does not affect the powers of the BayLDA or the AEPD to adopt additional supervisory measures in case of non-compliance with these obligations.”

The AEPD initially imposed a three-month ban on Worldcoin’s data collection activities in March. The regulator cited multiple issues at the time, including inadequate information provision, data collection from minors, and the inability to withdraw consent.

Beyond Spain and Germany, the project faces regulatory challenges in several other countries, including Kenya, Portugal, France, and Argentina. In May, Hong Kong authorities ordered the company to halt all operations, deeming its collection of facial and iris data “unnecessary and excessive.”

Nevertheless, Worldcoin has made efforts to enhance data privacy. Last month, the firm launched and open-sourced its secure multi-party computation (SMPC) system to improve the security of biometric data.

Adoption continues, but WLD struggles

Despite these regulatory challenges, Worldcoin’s adoption continues to grow. Its website shows that its Orb device has verified over 5.5 million individuals globally as of June 4.

Also Read: Worldcoin Price Prediction 2024 – 2033: How High Will WLD Go?

Moreover, Worldcoin continues to expand into new countries. The firm recently expanded into Colombia, and its co-founders Sam Altman and Alex Blania recently met with Argentina’s President Javier Milei in San Fransico. These efforts reflect the company’s determination to persist in its mission to revolutionize human verification in a digital world increasingly populated by AI.

Worldcoin WLD token price
Worldcoin’s WLD Token Price Performance. (Source: Tradingview)

However, the WLD token has considerably struggled due to its regulatory challenges. According to CoinMarketCap data, WLD is down by approximately 60% from its all-time high of $11 and is currently trading at under $5 as of press time.

Subjects tagged in this post: | |

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

NFT
Cryptopolitan
Subscribe to CryptoPolitan