Thailand Regulators Raid Worldcoin Iris Scanning Site Over Licensing Violations

Thai authorities raided a WorldCoin iris scanning site in Bangkok for operating without a required license.

The raid targeted violations of Thailand’s digital asset laws, leading to arrests and potential criminal penalties.

SEC warns the public about unlicensed WorldCoin platforms, emphasizing strict compliance with digital asset regulations.

Thai authorities have raided an iris scanning location associated with the World project, which is linked to Sam Altman. The raid focused on concerns over the legality of World’s operations in Thailand, specifically its failure to obtain the proper licenses for its activities. The joint operation, led by the Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB), signals increasing scrutiny of World’s digital asset exchange services in the country.

Authorities Act Against Unlicensed Operations

On Friday, SEC and CCIB investigators targeted a Worldcoin site in Bangkok. The location was suspected of offering World’s WLD tokens without the required license. According to Thai law, digital asset businesses must be registered under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)

Running such operations without proper registration can lead to severe criminal penalties. The raid resulted in the arrest of suspects accused of violating these regulations. The authorities took swift action to prevent potential fraud and money laundering risks tied to unregistered digital asset platforms.

Digital Asset Regulations in Thailand

Thailand’s digital asset laws mandate that any business dealing with cryptocurrencies must follow strict licensing procedures. The SEC’s investigation focused on whether Worldcoin had violated Section 26 of the Emergency Decree, which requires all digital asset businesses to be properly registered. The regulatory body emphasized that those engaging in digital asset exchanges must comply with the nation’s legal framework to ensure the protection of users and prevent illicit activities.

In response to the raid, the SEC issued a statement warning the public against dealing with unlicensed Worldcoin platforms. They stressed that individuals must avoid exchanging WLD tokens through unapproved services. The SEC’s surveillance unit has been actively monitoring operators involved in similar activities.

Ongoing Legal Challenges for Worldcoin in Thailand

World, formerly known as Worldcoin, distributes its WLD token in exchange for iris scans at designated orb locations. However, its operations in Thailand, where it runs 102 orb locations, have drawn increasing attention from regulators. The company claims to follow local laws and operates in regions where its activities are allowed.

Despite this, the raid reflects the growing pressure on World to comply with Thailand’s stringent digital asset regulations. The operation against World’s iris scanning location is just one of many steps regulators are taking to address potential violations. In a press briefing following the raid, SEC Deputy Secretary-General Jomkwan Kongsakul affirmed that the operation would help enforce the nation’s digital asset laws

She noted that law enforcement would continue to investigate unlicensed businesses offering crypto services to ensure users’ protection. As investigations continue, the SEC has made it clear that businesses promoting or offering digital asset services in Thailand must comply with the country’s regulatory requirements or face legal consequences.