Thai authorities have raided a Worldcoin iris-scanning point in Bangkok, leading to the arrest of individuals suspected of operating WLD token exchange services without the necessary licenses. This operation, a joint effort between the Thai Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB), aims to prevent fraud and combat money laundering on digital asset platforms.
Worldcoin, a project associated with Sam Altman, distributes its native WLD tokens to users who verify their identity through iris scans using the project's "Orbs" devices. The raided site was directly linked to this distribution process.
Worldcoin Operates Numerous Iris-Scanning Points in Thailand
Worldcoin reportedly operates 102 iris-scanning points across Thailand. The project claims that token distribution is conducted only in jurisdictions where it is legally permitted, adhering to geographic and age restrictions. However, the SEC identified that WLD trading was being offered without the required licenses, a violation of Sections 3, 26, and 66 of Thailand's digital asset laws.
Regulatory Oversight and User Protection
The SEC had previously issued warnings regarding the risks associated with unregulated platforms and the potential for scams. Following the raid, SEC Deputy Secretary-General Jomkwan Kongsakul highlighted that the collaboration with the CCIB enhanced law enforcement effectiveness and provided better protection for users who may lack legal safeguards on such platforms. The agency reiterated that any project offering cryptocurrency or digital asset services within Thailand must strictly comply with existing regulations.
Government Initiative to Facilitate Tourist Spending
In a separate but related initiative, the Thai government has launched a pilot program designed to allow tourists to convert cryptocurrency into Thai baht. This program has a limit of 550,000 baht per person to prevent misuse and aid in detecting money laundering attempts. All conversions must be processed through registered exchanges and deposited into digital wallets, which can then be utilized for purchases at local businesses, with the overarching goal of stimulating tourist spending.