Altcoin
Hong Kong Regulator Issues Notice to Worldcoin Amid Privacy Concerns
Sam Altman’s iris-scanning project Worldcoin (WLD) faces yet another setback and this time it’s from the Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD). In the latest development, Privacy Commissioner Chung Lai-ling ruled that Worldcoin violated the privacy ordinance. As a result, they have asked Worldcoin to immediately stop collecting citizens’ facial and iris data via its orb devices.
Worldcoin’s Violations In Hong Kong
The investigation findings indicate that Worldcoin breached several data protection principles outlined in the Privacy Ordinance. This includes inadequacies in the collection, retention, transparency, access, and correction of personal data.
Notably, the gathering of facial and iris images was deemed unnecessary and excessive. Additionally, the retention period of up to 10 years for personal data, intended for training artificial intelligence models, was considered excessively prolonged by PCPD.
Furthermore, the Privacy Commissioner for Personal Data (PCPD) highlighted that Worldcoin failed to clearly inform participants of their rights and the purpose of data collection, as required by law. Also, the regulator alleges that Worldcoin didn’t provide adequate information before or during data collection processes.
Moreover, the Privacy Statement and Biometric Data Consent Form lacked Chinese versions, and staff at operational points did not explain or confirm participants’ understanding of these documents. Additionally, Worldcoin failed to inform participants of the risks associated with disclosing biometric data or provide them with opportunities to address their queries.
Losing Another Major Market
Over the last year, Worldcoin has run into multiple regulatory headwinds. The project already isn’t operating in the US due to regulatory concerns, and now faces kickbacks from other global markets as well. However, it has continued to expand its footprint in other markets like Peru.
During its operations in Hong Kong, WorldCoin verified the identities of 8,302 individuals through facial and iris scan authentication.
Worldcoin’s native cryptocurrency WLD has seen strong action, especially on its assumed partnership with OpenAI, Sam Altman’s AI firm. The WLD price is currently trading above $5 with a market cap of over $1 billion.
Despite these regulatory setbacks, Worldcoin continues to work on project development and growth. Last month, the iris-scanning project announced its Layer-2 platform on Ethereum, World Chain, in order to swiftly onboard new users.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
South Korea’s cryptocurrency market is bracing for significant changes as new investor protection rules are set to take effect. The country, known for its vibrant altcoin trading scene, is about to implement the Virtual Asset User Protection law on July 19. This impending regulation has sparked widespread discussion in the crypto community about its potential impact on digital asset trading.
South Korea holds a prominent position in the global crypto market, with the Korean won recently surpassing the US dollar as the most-used currency for crypto trading. Approximately 10% of the country’s population has exposure to digital assets, with smaller coins comprising the bulk of trading rather than market-leader Bitcoin.
Exchanges’ Response to New Regulations
In response to the upcoming regulations, South Korean cryptocurrency exchanges are taking proactive steps. The Digital Asset Exchange Alliance, an industry trade body, has announced plans to review 1,333 altcoins over the next six months. This review aims to ensure compliance with the new Virtual Asset User Protection law and pushes back against concerns that the regulations might quickly stifle speculative trading in smaller digital assets.
The alliance has stated that immediate “mass delistings are unlikely” due to the extended evaluation period. Furthermore, all new token listings will be assessed in the context of the new law once it comes into force. This measured approach suggests a gradual implementation of the regulations rather than an abrupt market change.
The new legislation was partly prompted by the 2022 collapse of Luna and TerraUSD tokens, created by South Korean entrepreneur Do Kwon, which resulted in over $40 billion in losses. While the law aims to protect investors, it may increase operational costs for exchanges like Upbit, one of the world’s top crypto trading platforms. This development illustrates the ongoing balance between investor protection and maintaining South Korea’s dynamic crypto trading culture, particularly in altcoins.
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Legal Developments in the Korean Crypto Space
In a significant legal development, the Seoul High Court has overturned a previous ruling in a dispute involving the Fantom Foundation, a major blockchain platform. The court dismissed all claims made by SikSin and Ahn against Fantom, reversing an earlier decision that had awarded the plaintiffs over 198 million FTM tokens.
The case centered on agreements to implement Fantom’s technology in South Korea’s food industry. The High Court found that SikSin and Ahn failed to meet their contractual obligations, including integrating Fantom’s technology and producing a viable technical paper for the Lachesis Protocol. The court also noted evidence of plagiarism in the plaintiffs’ work.
Fantom CEO Michael Kong welcomed the decision, while the company’s legal team highlighted the case’s complexity. This ruling is expected to impact how blockchain-related disputes are handled in South Korea’s legal system, especially those involving cross-industry applications and intellectual property issues. It sets a precedent for future cases in the rapidly evolving intersection of blockchain technology and traditional industries.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy.
Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach
Charles Hoskinson has been outspoken about the detrimental effects of President Joe Biden‘s policies on the cryptocurrency sector. He highlights the administration’s support for the Securities and Exchange Commission’s (SEC) aggressive regulatory tactics, which he terms “regulation by enforcement.” Charles Hoskinson says this approach has stifled innovation and contributed to significant job losses within the burgeoning trillion-dollar industry.
Charles Hoskinson advises that US voters must vote wisely if they want a better future. The blockchain debate has spilled over into politics.#Cardano $ADA pic.twitter.com/L17dtazfXZ
— Cardanians (CRDN) (@Cardanians_io) July 1, 2024
Moreover, he is critical of the lack of a Democratic primary, suggesting it could have exposed what he perceives as Biden’s declining competence. Hoskinson’s critique extends to a broader disappointment with the media’s portrayal of the situation, which he feels fails to hold the administration accountable for these perceived missteps.
Read also: What Does the US Marshals Service Gain from Partnering with Coinbase
Crypto Leaders Seek More Favorable Regulations
Other key players in the blockchain arena, including Messari CEO Ryan Selkis and the Winklevoss twins, support Hoskinson’s viewpoint and are dissatisfied with the current regulatory environment. Similarly, CEOs from major companies like Coinbase and Ripple (XRP) have transformed the crypto lobby into a significant political force, illustrating the industry’s growing readiness to influence policy directly.
Additionally, Anthony Scaramucci, a well-known figure in the investment and crypto sectors, offered only a tepid endorsement of Biden, preferring this to the unpredictability of former President Trump’s administration. These leaders and Hoskinson are pushing for more favorable regulatory conditions for the cryptocurrency industry to thrive.
Crypto Policies Key in Upcoming Elections
In response to these ongoing challenges, Charles Hoskinson urges the crypto community to become single-issue voters focusing on cryptocurrency policy in the upcoming elections. This strategy aims to shift the political landscape to support the technological and economic advancements that blockchain technology can offer better.
Earlier criticisms from Charles Hoskinson include a strong rebuke of a memo circulated among Democrat Committee members, poised to influence a significant hearing on digital asset regulation. This instance, among others, fuels his campaign to encourage critical consideration of crypto policies among U.S. voters.
Also Read: Hashdex Combined Bitcoin and Ethereum ETF Acknowledged By US SEC
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) has gained traction as crypto assets start the week with slight gains. A look at the market shows crypto prices attempt a breakout after previous losses. At press time, the total market cap grew to $2.31 trillion, a 2.33% increase in the last 24 hours sparking a wider bullish projection.
Assets like Solana outpaced the market in the last attempted rebound as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among the top 10 assets rallying on the heels of previous inflows after two ETF applications. While bulls eye the $150 mark, bears opine that poor sentiments and volatility might make the mark unsustainable.
Solana To Climb?
Solana’s price has moved above other assets in the top 10 cryptos by market cap except for Cardano (ADA). SOL trades at $148.15, a 3.78% increase in the last 24 hours behind only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a massive 45.8% to $1.89 billion.
The weekly growth of Solana points to a renewed upswing as it notched over 16% gains while monthly figures are still in the red zone. Based on recent on-chain data, market analysts have projected an upward trajectory for the asset.
At the moment, SOL is behind previously hit resistance levels after taking a tumble with the wider market. As a result, a reduced uptick was recorded in Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Look To Spot ETF
The recent filing of spot Solana ETFs remains a major driving factor for the asset’s price. This year, ETFs have rallied the crypto market following huge institutional investments in the sector. Spot Bitcoin ETF approval in January changed the dynamics after the asset soared to an all-time high above $73,000. Ethereum products are also expected this summer which also ignited bullish activity. Solana holders point to institutional inflows as a pathway to sustained growth.
Also Read: Dogecoin Price To Attempt $2 With Memecoin Supercycle Says Analyst
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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