The Kenyan parliamentary commi...


The Kenyan parliamentary committee recommends the shutdown of Sam Altman’s Worldcoin over regulatory concerns

Kenyan regulatory concerns
The Silicon Review
03 October, 2023

Kenya is one of the biggest markets for the take-up of Worldcoin.

A Kenyan parliamentary committee has recommended that Sam Altman's cryptocurrency project, Worldcoin, be shut down until proper regulatory frameworks are established for virtual assets. The committee also recommends Kenya's ICT regulator disable Worldcoin’s presence and IP addresses until such guidelines are complete. The report, due to be considered for implementation by the National Assembly, has also proposed criminal investigations into the companies supporting Tools for Humanity Corp. The necessary legal action needs to be taken. Worldcoin and its subsidiaries have been found to be in violation of several Kenyan regulations, including the Consumer Protection Act, the Data Protection Law, and the Cybercrime Act.

 It also established that Worldcoin and Tools for Humanity corporations (USA and Germany) were not registered businesses in Kenya. In addition, Sense Marketing and other local partners had not registered as data processors or controllers despite collecting data on behalf of the crypto project. The report has been triggered by investigations into Worldcoin operations and activities around security, privacy, and the legality of acquiring biometric data and using financial incentives for sign-ups. Worldcoin is creating a new "human identity and financial network" through eye scans and its cryptocurrency. Kenya is one of the biggest markets for the take-up of Worldcoin.