Telegram Wallet changes mysterious operator, users' terms default to providing privacy information

The popular privacy-focused messaging app Telegram is supporting the development of the Ton TON blockchain created by teams from China, Russia, Taiwan, South Korea, and other regions, which has been deeply integrated into Telegram. Its default wallet application Telegram "Wallet" can be used for P2P transactions, financial management, staking, and other functions. Recently, it announced changes to its operator to WOT Global Solution Ltd., and default provision of privacy data.

Telegram Wallet Data Transfer Terms: Privacy Information Required

Telegram Wallet's announcement states:

"By continuing to use the Wallet, you agree to transfer your personal data to WOT Global Solution Ltd. This transfer will include all the data you provide to us and the information collected during your use of the Wallet, and will be processed in accordance with our privacy policy. This data includes your name, address, phone number, transaction data, and any other data we may have."

The announcement also states that if you continue to use it, you agree, and if you do not agree to these terms, you will need to transfer your assets out on your own and disable the product. If you do not delete your Wallet account by 5/24, it will be considered as agreement.

Mysterious Operator WOT Global Solution Ltd.

Telegram Wallet did not provide detailed information about WOT Global Solution Ltd. in the announcement, and it is unclear which company previously provided the service. There is no registration information for WOT Global Solution Ltd. in any public company records.

There is no relevant information in the FAQ section of the official website either. The personnel and locations of Telegram's software development team are public information in Dubai, mainly distributed in Iran, India, and Bangladesh. There is no public information on the registration of WOT Global Solution Ltd. In addition, the TON ecosystem team is distributed in China, Russia, Taiwan, South Korea, etc., and no information about WOT Global Solution Ltd. was found.

Regulatory Challenges for Virtual Currency Activities in Taiwan, Users Bear Risks Themselves

According to the Prevention of Money Laundering and Counter-Terrorist Financing Measures for Virtual Currency Platforms and Trading Businesses in Taiwan, the following "five activities performed for others" are considered as operators:

• Exchange between virtual currency and New Taiwan Dollar, foreign currency, or currency issued by Mainland China, Hong Kong, or Macau.
• Exchange between virtual currencies.
• Transfer of virtual currencies.
• Custody, management of virtual currencies, or provision of related management tools.
• Participation in and provision of financial services related to the issuance or sale of virtual currencies.

Services such as staking finance and P2P trading markets provided by Telegram Wallet may already fall within the scope of "requirement for domestic registration" to legally provide services.

However, due to slow legislation in Taiwan and enforcement difficulties for overseas operators, users should use these services with an understanding of the risks to avoid excessive losses or involvement in anti-money laundering risks.