Worldcoin officials explain why company is not registered in Kenya

By , K24 Digital
On Wed, 6 Sep, 2023 13:45 | < 1 min read
Worldcoin officials explain why company is not registered in Kenya
Worldcoin CEO Alex Blania during his appearance before the Parliamentary Committee investigating the crypto firm's activities in Kenya. PHOTO/Screengrab

Worldcoin officials have confirmed that the crypto company is not registered in Kenya.

Speaking during their appearance before the Parliamentary Committee investigating the crypto firm's activities in Kenya, the Worldcoin CEO Alex Blania alongside other officials noted that they were under no obligation to register the firm.

They argue that the current Kenyan regulatory framework’s distinctions between goods and services are insufficient to categorize Worldcoin activities.

"Worldcoin understands the Business Registration Service Act. We have looked at the description as to what constitutes actual activities - the buying and selling of goods and concluded we were under no obligation to register. We work with local partners who would have that obligation and for all partners we work with, we do due diligence to confirm if their businesses are registered.

"There is a lack of clarity in the definition of actual services and what the Act does or should incorporate activities like ours," the official stated adding that there is a need for greater “regulatory clarity” for crypto assets.

Further, they noted that the Worldcoin Foundation is also not registered; "...we sort to register but we have not heard back after sending the application."

According to statistics, 635,000 Kenyans have so far downloaded the Worlcoin app, with 301,000 registered and verified by having their irises scanned.

The new technology involved in transacting these assets has been tripping up both consumers and policymakers alike. 

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