Worldcoin (WLD) faces regulatory scrutiny in Portugal

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Written on Mar 26, 2024

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Regulators have ordered the AI crypto project to halt data collection for three months.
Users have complained about Worldcoin over the previous month.
WLD prices reflect bullish momentum despite regulatory challenges.

Portuguese data protection watchdog CNPD has ordered Worldcoin (WLD) to halt biometric data collection for 90 days. That follows massive complaints from citizens within the past month.

PORTUGAL'S DATA REGULATOR SAYS IT RECEIVED DOZENS OF COMPLAINTS ABOUT WORLDCOIN IN THE LAST MONTH – STATEMENT #News #Markets #live
— Capital Hungry (@Capital_Hungry) March 26, 2024

The regulator has yet to confirm the reason behind the suspension, but it seems to involve legal developments. Some experts speculate that CNPD could use the three months for detailed discussion with the WLD team.

Worldcoin continues to face regulatory challenges amid its global expansion.

For instance, the Kenyan Interior Cabinet Secretary affirmed that they will not lift the ban imposed on the WLD project in August 2023.

Worldcoin Faces Resistance in Kenya
Despite support from Sam Altman, Worldcoin is encountering challenges in Kenya as the country persists with its ban on the project. #Worldcoin pic.twitter.com/JehiK2EWQh
— ₩orldcoin News. (@WLD2USDT) March 24, 2024

Also, Spain’s data regulator, AEPD, directed the project to stop data collection in the country.

#Worldcoin has been temporarily banned in Spain due to privacy concerns. The Spanish data protection authority ordered a halt to data collection, including iris scans, citing issues like insufficient information and data collection from minors. Worldcoin has paused operations in… pic.twitter.com/pCBAXlyJi0
— Mr. Man (@MrManXRP) March 12, 2024

The watchdog issued a three-day time frame for Worldcoin to comply.

WLD’s current price action

Sam Altman’s altcoin maintained a bullish stance despite the regulatory developments from Portugal. Worldcoin traded at $9.25 during this writing, up 10% within the past day.

Further, the AI-centered cryptocurrency project has attracted massive users lately. Worldcoin surpassed 4.5 million, with its innovative products attracting market participants.

Legal barriers do not stop Worldcoin's footsteps, the project continues to improve its products with "World ID 2.0", then parent company OpenAI also launched tool to create videos from Sora text, contributing to the increase in user registrations by more than 4.5 million users,…
— Danish Falak (@DanishFala16487) March 24, 2024

Further, the team decided to open-source Orb software to enhance verifiability and transparency, fostering a collaborative community while facilitating modernization and adoption of the WLD protocol.