What To Know
- In a high-profile crackdown, Thailand’s Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB) conducted a joint raid on a World (WLD) digital asset exchange and iris-scanning location in Bangkok.
- As Thailand strengthens enforcement in its digital finance sector, the case of the World project may serve as a turning point for regulating how biometric and blockchain technologies intersect in the country’s evolving fintech landscape.
Bangkok Business News: Regulators Strike Against Unlicensed Crypto Activities
In a high-profile crackdown, Thailand’s Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB) conducted a joint raid on a World (WLD) digital asset exchange and iris-scanning location in Bangkok. The operation resulted in arrests linked to the alleged operation of an unlicensed digital asset business. Authorities said the move was aimed at protecting the public from potential scams and money laundering activities. The SEC confirmed the action in a statement but withheld details about the exact location or number of arrests.
Thai SEC and cyber police raid an iris-scanning World exchange in Bangkok for running unlicensed digital asset activities.
Image Credit: WorldCoin
The Broader Implications for Thailand’s Digital Asset Sector
The SEC emphasized that under Section 66 of the Digital Asset Businesses Law, operating without a license carries a penalty of two to five years in prison and fines ranging from 200,000 to 500,000 baht. Jomkwan Kongsakul, the SEC deputy secretary-general, said that such joint operations would strengthen enforcement and safeguard users from unregulated crypto operators. The raid has reignited scrutiny of the World project, formerly known as Worldcoin, a controversial digital identity initiative backed by OpenAI co-founder Sam Altman. In this Bangkok Business News report, it was revealed that World’s model involves collecting iris scans through its Orb devices in exchange for WLD digital tokens—an incentive model that has drawn privacy and legal concerns worldwide.
Thailand’s Growing Role in the World Project
According to company data, Thailand hosts over 100 Orb scanning sites, making it one of the largest markets in Asia for World. However, Tools for Humanity Thailand, the project’s local operator, has temporarily paused its expansion following official warnings about biometric data protection. The Thai SEC had earlier cautioned citizens to avoid trading WLD tokens with unlicensed platforms, noting that such transactions leave users without legal recourse in cases of fraud or data misuse.
Rising Controversy and Regional Links to Illicit Networks
Adding to the controversy, independent investigations have suggested that Tools for Humanity may have inadvertently partnered with entities linked to cross-border criminal operations. A recent report by Whale Hunting alleged that the company’s collaboration with cryptocurrency exchange KuCoin could have been exploited by a Cambodia-based money laundering network seeking legitimacy in Thailand. Although no direct evidence has tied the raid to these claims, the SEC’s actions indicate a tightening stance on unregulated digital ventures amid growing risks of fraud and data exploitation.
Public Advisory and Future Enforcement
The SEC reiterated its warning for investors to check the official Investor Alert list for unlicensed operators. Authorities also stressed that participation in unauthorized digital asset schemes could expose individuals to significant legal and financial risks. The move underscores Thailand’s intent to establish a more transparent and compliant crypto ecosystem that balances innovation with public safety.
As Thailand strengthens enforcement in its digital finance sector, the case of the World project may serve as a turning point for regulating how biometric and blockchain technologies intersect in the country’s evolving fintech landscape.
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