Thailand Strikes a Balance Between Crypto Regulation and Tourist-Focused Digital Baht Trial
- Thai SEC and CCIB raided a Worldcoin iris scanning site in Bangkok, arresting suspects for operating an unlicensed crypto exchange under the 2018 Emergency Decree. - Worldcoin’s biometric data collection for WLD tokens faces scrutiny in Thailand and globally, with regulators citing unlicensed services and privacy violations in Kenya, Germany, and France. - Authorities emphasized the crackdown aims to prevent fraud and money laundering, while Worldcoin introduced privacy upgrades like SMPC encryption and
On October 24, Thailand's Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB) jointly raided a
Worldcoin, a digital identity initiative co-founded by OpenAI CEO Sam Altman, has established 102 iris scanning centers across Thailand, according to
This enforcement action adds to Worldcoin’s mounting regulatory hurdles worldwide. Regulatory bodies in Kenya, Germany, and France have previously investigated the project over concerns about data privacy, Yahoo Finance reported. In May, a Kenyan court mandated the removal of biometric data collected from its citizens, ruling that Worldcoin’s consent process was invalid due to financial incentives, Yahoo Finance noted. European regulators, such as Portugal’s data protection authority, have also imposed limits, citing violations of GDPR, according to Yahoo Finance.
In reply, Tools for Humanity, Worldcoin’s parent company, has rolled out new privacy features, including Secure Multi-Party Computation (SMPC) to encrypt iris scans and an alternative verification method using NFC passports, Yahoo Finance reported. Despite these updates, the WLD token has dropped 90% from its March 2024 high and is now valued at $0.88, Yahoo Finance added.
The raid coincided with the start of Thailand’s 18-month trial program that lets tourists exchange cryptocurrency for baht. Finance Minister Pichai Chunhavajira described the program as a "boost for tourism," with a conversion limit of 550,000 baht ($16,949) to prevent misuse, Lookonchain reported. This combination of cracking down on unlicensed operators while encouraging regulated crypto use demonstrates Thailand’s efforts to balance innovation with financial security.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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