TechFlow reports that on September 10, according to Cryptonews, Singapore's Deputy Prime Minister and Finance Minister Lawrence Wong disclosed in a written parliamentary response that Singaporean police are investigating seven individuals suspected of providing Worldcoin account and token trading services. The case involves potential violations of the 2019 Payment Services Act, with five people already arrested. Preliminary investigations indicate that three suspects allegedly recruited individuals on behalf of multiple entities to create Worldcoin accounts, obtaining control of these accounts and tokens in exchange for cash. Two other suspects are implicated in the purchase and transfer management of related assets. Over 200 mobile phones have been seized by police as evidence. Lawrence Wong emphasized that while the Monetary Authority of Singapore considers Worldcoin itself not to be a payment service under the Payment Services Act, trading its accounts and tokens may constitute a payment service.
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