Republic of Palau launch digital residency program

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

The Republic of Palau and blockchain development association Cryptic Labs introduced 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 supply “all global users” digital residency via 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 capability for internationally identified standards of identity verification to make sure that Palau upholds the rule of regulation and our reputational integrity. We welcome all world citizens to apply to take part in Palau’s digital residency program.”

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

By the use of RNS, the digital residency application boasts end-to-end encryption which lets customers manipulate how a great deal region and ID information they prefer to share with others. Once approved, customers will acquire a bodily ID card and an ID as a nonfungible token (NFT). This will be used to facilitate “secure ID verification and get right of entry to to KYC features and types the foundation for legal ID and verification on-chain.”

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

“This partnership with The Republic of Palau will revolutionize economic improvement both in Palau and around the world. The world is starting to understand 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 2nd major foray in blockchain adoption that Palau has taken. In Nov. 2021, the West Pacific island state announced a partnership with fintech company Ripple (XRP) to enhance an environmentally-friendly digital currency to assist in cross-border payments.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

 

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