On 31 July 2024, Tools for Humanity (TFH) began its market entry in Austria by rolling out World ID and the associated verification devices (Orbs) at three locations. TFH is an international technology company that has developed Worldcoin, a blockchain-based platform for proof of personhood as the basis for digital identities. STADLER VÖLKEL is advising TFH on its market entry in Austria.
World ID confirms that an individual is a real person or human being. This is ensured by biometric verification using so-called 'orbs'. Orbs are special devices developed by Tools for Humanity to carry out personal verification in the Worldcoin network. This is intended to ensure that everyone can only create one digital identity. World ID thus enables secure access to various digital services.
The Worldcoin network utilizes WLD, Worldcoin's native blockchain-based token, which acts as a utility token within the ecosystem. WLD is used to execute transactions, pay for services, and incentivize the use of the Worldcoin platform. WLD utilizes blockchain technology to enable secure, transparent, and fast transactions.
Oliver Völkel, founding partner at STADLER VÖLKEL, advises on legal issues relating to the use of blockchain and WLD: "Worldcoin offers a solution to a problem whose importance will increase with the spread of AI applications, namely distinguishing people from AI in the digital space. The use of blockchain technology is the logical conclusion here. We are delighted to be able to support Tools for Humanity with the roll-out in Austria."
Arthur Stadler, also a founding partner at STADLER VÖLKEL, adds: "Data protection and youth protection laws are of crucial importance when introducing a platform like Worldcoin. Not only technically, but also legally, new territory is being explored here. We support Tools for Humanity in identifying the regulatory hurdles for a successful market entry in Austria and are always prepared to contribute to the advancement of innovative business models."
Bryan Hollmann, Counsel at STADLER VÖLKEL (Attorney, New York) is also part of the team advising on the project from a regulatory perspective.
The law firm STADLER VÖLKEL specializes in crypto asset law and data protection law, among other things. The law firm advises renowned Austrian and international corporations, crypto asset service providers, and banks on legal issues in connection with blockchain technology. STADLER VÖLKEL is actively committed to increasing the acceptance of the technology. The law firm records discussions in which the technology is considered from various legal, tax, and technical perspectives, publishes academic articles on relevant topics, has published the second edition of the legal handbook "Blockchain rules" and the MiCA commentary "Crypto Assets" and organizes classes at the law faculty of the University of Vienna. In the past, the law firm has played a pioneering role in the field of crypto law on several occasions.
