Worldcoin has said it is ready to engage with the Kenyan regulatory bodies to address safety and security concerns.

In a statement, Worldcoin said the project is committed to adhering to all relevant regulations set forth by Kenyan authorities, ensuring a safe and compliant ecosystem.

“In line with Kenyan laws and regulations, Worldcoin ensures full compliance and transparency in all its activities within the country,” read the statement.

“The project is committed to fostering a constructive dialogue with local stakeholders, including the government and relevant authorities, to ensure a smooth and mutually beneficial partnership.”

This comes a day after the government suspended all world coin activities in the country due to security concerns.

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In a statement, Interior Cabinet Secretary Kithure Kindiki said the suspension will remain in effect until relevant agencies certify the absence of any security risks.

"Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the activities above, the safety and protection of the data being harvested, and how the harvesters intend to use the data," read part of the statement.

Further, the Communication Authority of Kenya (CA) and the Office of the Data Protection Commissioner’s (ODPC’s) preliminary review also raised serious concerns about the tech firm.

In a statement, CA and ODPC listed some concerns, such as a lack of clarity on the security and storage of the collected sensitive data (facial recognition and iris scans).

Obtaining consumer data in return for a monetary reward that borders on inducement and creates uncertainty regarding consumer protection in cryptocurrency and related ICT services, among other pertinent issues, were cited as some of the reasons.

Worldcoin collects iris data using an Orb scanner before issuing users tokens once proven not to be robots.

Since its launch last Monday, the platform has attracted criticism for collecting critical information from members of the public without adhering to law and order.

More than 350,000 Kenyans have signed up for the cryptocurrency project so far.