The Pacific island nation is now offering a digital residency and blockchain-based verified ID, which can be used for KYC and ID verification.

The Republic of Palau and blockchain development firm Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program on Tuesday.

To inaugurate the partnership between Palau, Cryptic Labs and the sovereign-backed digital residency program, Palau’s President Surangel S. Whipps Jr. signed an agreement to grant “all global users” digital residency through the RNS under the country’s Digital Residency Act.

The Republic of Palau is located in the western Pacific Ocean and consists of about 340 islands inhabited by 18,221 residents. President Whipps said:

Our Digital Residency Program will have capacity for internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity. We welcome all global citizens to apply to participate in Palau’s digital residency program.

The digital residency program provides a blockchain-based legal ID, digital residency to democratize access to global business opportunities, and geography-agnostic governance to aid in remote corporate formation and operation. It also allows users to gain an address, shipping services and digital signature verification.

By using RNS, the digital residency program boasts end-to-end encryption which lets users control how much location and ID data they want to share with others. Once approved, users will receive a physical ID card and an ID as a nonfungible token (NFT). This will be used to facilitate “secure ID verification and access to KYC functions and forms the foundation for legal ID and verification on-chain.”

Bril Wang, CEO of Cryptic Labs said in the announcement,

This partnership with The Republic of Palau will revolutionize economic development both in Palau and around the world. The world is beginning to recognize the practicality, versatility, and truly transformative power of digital identity — this is a swift step towards that future.

Applicants for digital residency can apply by creating an account and paying with their credit card or with cryptocurrency.

The Digital Residency Program marks the second major foray in blockchain adoption that Palau has taken. In Nov. 2021, the West Pacific island nation announced a partnership with fintech firm Ripple (XRP) to develop an environmentally-friendly digital currency to assist in cross-border payments.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Binance Coin: This level stands between BNB price and $450

Binance Coin: This level stands between BNB price and $450

Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.

More Binance Coin News

Why MATIC price is setting the scene for a blowout

Why MATIC price is setting the scene for a blowout

Polygon (MATIC) price has had difficulty finding a supportive floor for bulls to get a foot in the door and price action moving higher. Now, however, a floor looks to have been identified at $0.62, with price action consolidating just above. 

More Polygon News

The last time this happened Shiba Inu price exploded

The last time this happened Shiba Inu price exploded

Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.

More Shiba Inu News

Why renowned technical analysts believe Bitcoin price has bottomed out

Why renowned technical analysts believe Bitcoin price has bottomed out

Bitcoin price has been dominated by bearish sentiment recently, but the BTC trend might be nearing a turnaround. Several leading analysts in the crypto community are arguing that Bitcoin price action has developed in a more irregular manner over the years and diminishing “cycles” imply Bitcoin has bottomed out. 

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP