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Malaysia Greenlights Worldcoin Token Trading, Kickstarting Cryptocurrency’s Biometric Growth
Digital business solutions provider Cuscapi Bhd has announced that Securities Commission Malaysia has granted approval to its associate company MX Global Sdn Bhd to facilitate trading of World currency (WLD) token on digital asset exchanges recognized by the SC.
In a recent bag Cuscapi depot, it has been revealed that WLD will now join a list of whitelisted 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), Poligono (MATIC), Pois (DOT) and Cosmo (ATOM).
MX Global, which operates as one of six digital asset exchanges recognized by the Malaysian Market Operator (RMO-DAX), has obtained approval from the SC to conduct its operations in July 2021.
In March 2022, MX Global had secured an unspecified equity investment from cryptocurrency exchange Binance. Additionally, Cuscapi has committed US$11.3 million (about RM9 million) for the subscription of its Redeemable Convertible Preference Shares (RCPS).
The current value of one Worldcoin (WLD) token on Binance is approximately $5.58 (approximately RM33.14). He was trading closer to $2.50 at the end of December.
The WLD project, created by Tools of Humanity, is a cryptocurrency initiative that uses iris biometrics. Using its “orb” devices, it invites people to undergo iris scans in exchange for digital identification and free WLD tokens. The main goal, according to WLD, is to provide a reliable means of verifying human identities online via World ID, countering the proliferation of bots and counterfeit virtual characters facilitated by artificial intelligence. According to official WLD statistics, more than five million people in 120 countries have signed up for the program.
The company 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 concerns in various nations. More recently, the CNPD, the Portuguese data control authority, issued a directive in March instructing WLD to suspend the collection of biometric data for a period of 90 days. The CNPD cited a significant risk to citizens’ data protection rights, deeming immediate action necessary to avoid potential harm. According to the CNPD, over 300,000 people in Portugal have already sent their biometric data to the WLD.
Last month, Worldcoin executives, along with their parent organization, made the pledge discussions with Malaysian government officialsincluding Prime Minister Anwar Ibrahim, marking a notable shift in strategy for the biometric encryption and humanity proof project as it pursues international expansion.
Furthermore, Worldcoin revealed the launch of biometric registrations in Peru, in an initiative that seeks to improve access to authenticated evidence of human identity in the South American country. This announcement closely follows the company’s commitment to expand operations in the Latin America region.
Article topics
biometric | cryptocurrency | digital identification | Malaysia | Tools for humanity | World chain | Global identity | World currency
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