Worldcoin Shifts Gaze from EU to APAC and Latin America

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Worldcoin (WLD), the iris-scanning cryptocurrency project co-founded by Sam Altman, has been making waves since its launch. However, the tides are turning, especially in Europe. The project is now pivoting its strategy to focus on more receptive markets in Asia-Pacific (APAC) and Latin America.

This is due to the mounting regulatory pressure and privacy concerns it faces in Europe. Notably, this announcement came few weeks after Worldcoin

Worldcoin Encounter Regulatory Roadblocks in Europe

Fabian Bodensteiner, managing director of Worldcoin’s Europe subsidiary, confirmed that the company is scaling back its efforts in Europe. This was disclosed at the recent Sifted Summit in London.

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He cited that data protection laws like Europe’s General Data Protection Regulation (GDPR) has proved to be a significant hurdle for the project. Countries such as Spain, Portugal, and France have already placed temporary bans on Worldcoin. These regions are citing concerns over data privacy, particularly the collection of children’s biometric data.

Before now, the project had initially targeted Europe for its expansion. But the region’s stringent regulations have proven difficult to navigate. This has pushed Worldcoin to seek opportunities in other regions.

On the other hand, Robinhood retail investment platform, amongst others, has recently expanded its operations into the EU market. The firm revealed that the regulatory bodies in the EU have put in place crypto-friendly policies, making the region an enticing environment for digital assets.

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Worldcoin’s Mixed Success in Europe

While Worldcoin faces regulatory hurdles, it has managed to launch its services in selected European markets. In Austria, and the United Kingdom, the project has been operational, albeit under scrutiny.

Worldcoin’s iris-scanning technology, which swaps iris scans for tokens of its native cryptocurrency WLD, is still pending approval in the UK. Last month, Worldcoin made a significant move by launching in Poland.

The project introduced an initiative in the region: individuals who verify their identity via iris scans will receive 25 WLD tokens as a reward. This strategy aims to incentivize participation and foster wider adoption of its technology despite the regulatory challenges.

Worldcoin Eyes APAC and Latin American Markets

With Europe’s regulatory challenges piling up, Worldcoin is setting its sights on the Asia-Pacific (APAC) and Latin American regions. During the summit, it was announced that countries like Japan, Malaysia, and Argentina are now the focus of the project’s expansion efforts. These regions, according to Bodensteiner, offer greater business opportunities for Worldcoin to thrive.

While these aforementioned regions may present significant opportunities for the orb project, they remain cautious about potential risks within the crypto industry.

In September, Singapore launched an investigation into the alleged misuse of Worldcoin by seven individuals. Authorities will be closely monitoring the project to ensure it upholds its values and contributes positively to their crypto ecosystems.