Since January, Worldcoin’s activities in the country have been generating buzz among both crypto enthusiasts and newcomers.
However, the Securities and Exchange Commission (SEC) clarified that Worldcoin is not registered, while a project representative argued that registration is unnecessary.
SEC on Worldcoin
In a recent episode of the local magazine show Kapuso Mo, Jessica Soho (KMJS), Atty. Paolo Montano Ong, assistant director of the SEC PhiliFintech Innovation Office, said in an interview that Worldcoin is not registered in the Philippines.
“Batay po sa datos ng SEC, ang World po ay hindi rehistrado sa Pilipinas. Parati pong pinapaalala ng SEC na lagi lang makipag-transact sa mga rehistradong korporasyon (at) maging mapanuri.”
[Translation: Based on SEC data, Worldcoin is not registered in the Philippines. The SEC constantly reminds the public to transact only with registered corporations and to remain cautious.]
Atty. Paolo Montano Ong, Assistant Director, PhiliFintech Innovation Office, Securities and Exchange Commission
Worldcoin: No Need for Registration
However, the episode also featured a statement from Worldcoin, sent by Atty. Enrique dela Cruz, partner at DivinaLaw and counsel for Worldcoin:
“There is no need to register the company in the SEC since it is a technology provider with no business operations in the Philippines.”
According to the letter, Worldcoin is a foreign-based company, and its technology comes from the foreign firm Tools for Humanity. The company emphasized that local registration is unnecessary since Worldcoin operates as a technology provider without business activities in the Philippines—similar to Meta (Facebook) or Google—making its technology accessible to Filipinos without requiring SEC registration.
Moreover, dela Cruz emphasized that participation is optional and that no personal identity data is collected, stored or sold.
Since January, even before the show aired, BitPinas had been tracking Worldcoin’s activities in Bulacan.
What is World/Worldcoin?
Founded by Sam Altman, CEO of OpenAI, Worldcoin is a blockchain-based project designed to establish a secure and verified digital identity system. It utilizes iris biometrics through a device called the Orb, which scans users’ iris to generate a World ID. This unique identifier can then be used for secure messaging, digital transactions, and other online interactions.
Upon verification, which is currently happening in Bulacan, users receive $WLD after their IDs are scanned. Users can also earn additional WLD by inviting friends to join and verify their World ID.
Read more:
This article is published on BitPinas: SEC: Worldcoin Not Registered in the Philippines; Company Claims No Need for Registration
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