/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Spain blocks Sam Altman's Worldcoin venture

Sam Altman’s cryptocurrency outfit Worldcoin has been told by Spain to stop collecting and using people's personal data.

Be the first to comment

Spain blocks Sam Altman's Worldcoin venture

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The country's data protection watchdog, AEPD, has effectively banned Worldcoin for up to three months in a move that the organisation says is "circumventing EU law".

Launched last year, Worldcoin distributes tokens to people "just for being a unique individual". To prove their uniqueness and get the token, people have their eyeballs scanned by a piece of hardware called "The Orb".

AEPD says it has received several complaints about the project, including that insufficient information is provided to users, that data from minors is collected, and that consent cannot be withdrawn.

The regulator says that the processing of biometric data, which has special protection under the European Union's General Data Protection Regulation (GDPR), "entails high risks to the rights of individuals".

It has therefore taken urgent measures "in order to avoid potentially irreparable damage".

In a statement, Worldcoin data protection officer Jannick Preiwisch says: “Our efforts to engage with the AEPD and provide them with an accurate view of Worldcoin and World ID have gone unanswered for months,

“We are grateful to now have the opportunity to help them better understand the important facts regarding this essential and lawful technology.”

Worldcoin has been liaising with the Bavarian state authority in Germany, which has jurisdiction and has been investigating the venture.

Sponsored [Upcoming Webinar] Instant Payments and their impact on the fraud landscape

Comments: (0)

[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparencyFinextra Promoted[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency