- Worldcoin has shifted its focus from Europe to Asia, claiming better potential.
- European officials examine Worldcoin’s iris scanning for GDPR compliance.
Worldcoin, the digital identity initiative led by OpenAI’s Sam Altman, has shifted its focus from Europe to Asia, claiming increased interest in developing technologies in the region. Fabian Bodensteiner, managing director of Worldcoin’s European division, announced during a Sifted meeting that Europe is no longer a primary priority for the project. Instead, Worldcoin sees more prospects in dynamic regions such as Asia-Pacific, which includes countries like Japan and Malaysia.
Worldcoin’s primary business is the establishment of digital identities known as World IDs using iris-scanning technology. This proof of personhood concept ensures each individual’s uniqueness and allows users to claim the Worldcoin cryptocurrency, WLD. The project’s primary objective is to promote global economic fairness using a decentralized identity system.
WorldCoin Faces Regulatory Hurdles in Europe
Despite its expansion attempts, Worldcoin encountered strong opposition in Europe because it is concerned about biometric data collecting and privacy risks. Critics stress that the project’s large-scale iris scan collecting may result in spying and misuse of personal data. In response, Worldcoin declared that its data protection safeguards meet the highest standards.
However, European regulators are unconvinced. Countries including Spain, France, Germany, and Portugal have initiated inquiries into Worldcoin’s compliance with the General Data Protection Regulation. The United Kingdom has also launched a review of the project’s operations to ensure GDPR compliance.
Bodensteiner noted the hurdles, saying that, while Europe is no longer a primary priority, it remains an important part of Worldcoin’s long-term strategy. This year, the project extended into Poland and Austria while maintaining operations in Germany. Nonetheless, Worldcoin is eager to explore other promising areas in Asia, where local firms have demonstrated a stronger openness to accept new technology.
With European regulators conveying privacy concerns, Worldcoin is shifting its focus to Asia’s more receptive markets while still addressing regulatory challenges in Europe. At the time of writing, the Worldcoin token (WLD) was down 3.63% and trading at $1.89.
