The Spanish Data Protection Agency Suspends Worldcoin (WLD) in Spain
Recently, the Spanish Data Protection Agency (AEPD) made an announcement regarding the suspension of Worldcoin (WLD) for up to three months in Spain. This decision comes after receiving several complaints about the crypto project involving iris scanning, prompting a deeper investigation into the matter.
Worldcoin (WLD) Banned Temporarily in Spain
- The AEPD has ordered a temporary ban on the Worldcoin (WLD) crypto project in Spain for a duration of up to three months.
- The prohibition is aimed at preventing Worldcoin from processing personal data within Spanish territories.
- This decision follows complaints of violations, inadequate information disclosure, data collection from minors, and issues with consent revocation.
- Specifically, Worldcoin has been asked to halt the collection and processing of special categories of personal data and block any previously collected data.
Worldcoin’s Response to the Ban in Spain
- Worldcoin has responded to the temporary ban by emphasizing that its World ID protocol is secure and operates within legal boundaries.
- The project operates under the supervision of the Bavarian Data Protection Authority (BayLDA), ensuring compliance with GDPR regulations across the EU.
- Worldcoin contributors have been cooperating with BayLDA’s requests for months, demonstrating their commitment to legal operation in Spain and other European countries.
- Jannick Preiwisch, Worldcoin Foundation’s data protection officer, expressed disappointment over AEPD’s actions and statements, highlighting their compliance efforts with BayLDA.
Privacy Investigations and WLD Price Surge
- Spain and Hong Kong are not the only countries investigating Worldcoin; privacy concerns have led authorities to seize documents related to biometric data collection.
- In Hong Kong, authorities conducted visits to Worldcoin offices and issued warnings about biometric data security.
- Despite investigations, WLD saw a significant price surge of +227% in recent months, reaching a market cap of $753 million and ranking 26th among cryptocurrencies.
- The price spike occurred before Bitcoin’s bull run and attracted strategic investments from entities like Three Arrow Capital and FTX.
Hot Take: Stay Informed About Crypto Regulations!
As a crypto enthusiast, it’s crucial to stay updated on regulatory developments surrounding cryptocurrency projects like Worldcoin. Understanding privacy concerns and legal implications can help you make informed investment decisions while supporting compliant projects in the crypto space. Stay vigilant and informed to navigate the evolving landscape of crypto regulations effectively!
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