Malaysia greenlights Worldcoin token trading, setting up biometric crypto growth

Digital business solutions provider Cuscapi Bhd has announced that the Securities Commission Malaysia has granted approval to its associate company MX Global Sdn Bhd to facilitate the trading of the Worldcoin (WLD) token on digital asset exchanges recognized by the SC.

In a recent bourse filing by Cuscapi, it was revealed that WLD will now join a list of permitted digital assets available for trading. These include cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), Cardano (ADA), Chainlink (LINK), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Solana (SOL), Uniswap (UNI), Avalanche (AVAX), Polygon (MATIC), Polkadot (DOT), and Cosmos (ATOM).

MX Global, operating as one of Malaysia’s six recognized market operator-digital asset exchanges (RMO-DAX), obtained approval from the SC to conduct its operations in July 2021.

In March 2022, MX Global had obtained an unspecified equity investment from cryptocurrency exchange Binance. Additionally, Cuscapi committed $11.3 million (approximately RM9 million) towards subscribing for its redeemable convertible preference shares (RCPS).

The current value of one Worldcoin (WLD) token on Binance is approximately $5.58 (roughly RM33.14). It was trading closer to $2.50 at the end of December.

The WLD project, crafted by Tools of Humanity, is a cryptocurrency initiative utilizing iris biometrics. By utilizing its “orb” devices, it invites individuals to undergo iris scans in exchange for a digital identification and complimentary WLD tokens. The primary aim, according to WLD, is to furnish a dependable means of verifying human identities online through World ID, countering the proliferation of bots and counterfeit virtual personas facilitated by artificial intelligence. As per WLD’s official statistics, over five million individuals across 120 nations have enrolled in the program.

The company has also recently launched and migrated to World Chain. The company explains its journey from Hubble to OP Mainnet to its own dedicated L2 protocol in a blog post.

Despite this, the initiative has sparked privacy apprehensions across various nations. Most recently, the CNPD, Portugal’s data oversight authority, issued a directive in March instructing WLD to pause biometric data collection for a span of 90 days. The CNPD cited a significant risk to citizens’ data protection rights, deeming immediate action necessary to avert potential harm. According to the CNPD, over 300,000 individuals in Portugal have already submitted their biometric data to WLD.

Last month, Worldcoin executives, along with their parent organization, engaged in discussions with Malaysian government officials, including Prime Minister Anwar Ibrahim, marking a notable shift in strategy for the biometric crypto and proof-of-humanity project as it pursues international expansion.

Additionally, Worldcoin revealed the initiation of biometric enrollments in Peru, in an initiative that seeks to enhance access to authenticated proof of human identity within the South American country. This announcement closely follows the company’s pledge to expand operations in the Latin American region.

Article Topics

biometrics  |  cryptocurrency  |  digital ID  |  Malaysia  |  Tools for Humanity  |  World  |  World Chain  |  World ID