Regulation in the US and other parts of the world isn’t looking exactly great. The US – SEC has embarked on several enforcement actions against Binance, Coinbase, Kraken, Ripple, etc. Some of the proposed policies suggest that crypto users in places like the United States could have a hard time conducting their crypto business as usual.
Nevertheless, digital residency programs provide a unique solution. An e-residency program allows you to become an “Internet citizen” of a country. This way, you get to profit from that country’s digital infrastructure. Digital residency is an innovation that broadens your options, especially for people from countries with restrictive policies, such as the US. Countries like Palau, Liberland, Azerbaijan, Estonia, and Lithuania are making it possible to become digital citizens of their countries and enjoy a less restrictive environment. Let’s discover more about what Palau provides.
What is the Palau Digital Residency Program?
Palau launched its e-residency program in early 2022. The Palau Digital Residency Program allows anyone to get a valid ID from Palau without having to travel there in person. The whole idea is to make it easier for foreigners to conduct digital transactions, use Internet services, or operate businesses.
As a digital resident of Palau, you can use your Palau ID to go through KYC procedures or even open a company without having to use your first citizenship. So, this is a perfect fit for those who are concerned about data theft during KYC processes on centralized exchanges. Here is an example.
The digital residency program provides both a physical ID card and a digital ID. This ID helps secure your digital transactions and confirm your identity. Palau’s digital residency program indicates a dedication to cutting-edge blockchain technology.
Why is the Palau Digital Residency Program Needed?
Palau partnered with Cryptic Labs to launch the Root Name System, which is a sovereign-backed blockchain-based digital residency platform. Here are two major things that the Palau digital ID seeks to resolve:
- The restrictive effect of geographical barriers on innovation: The idea of regional boundaries impedes the blossoming potential of innovation and commercial operations. This limitation has an impact on a number of areas, including international transfers. With the Palau ID, anyone can bypass regional limitations.
- It provides sovereign backing for blockchain projects. Blockchain projects often lack legal status. However, the Palau residency program provides legal backing and identity.
What can you do with Palau’s ID?
There are a number of activities you can perform with this ID.
- KYC on exchanges like Binance and some other centralized exchanges.
- Access a physical Palau address.
- Open accounts.
- ID verification for retailers Several retail brands already support this project.
- Processing payments.
- Minting Voyager Pass NFT.
- Referral.
- Participating in campaigns.
You can use these points for hotel discounts, and more.
How Much Does It Cost?
The program supports several payment methods. This includes several tokens through Web3 wallets, Google Pay, Apple Pay, and international credit cards. The price of the Palau Digital Residency is $248 for one year, $1039 for five years, and $2039 for ten years.
The application process is pretty straightforward. All you have to do is apply here. However, the process has some strict photo requirements. You’ll need a square picture for your new ID that is exactly 600 x 600 pixels or larger. They are very picky with pictures, so this calls for keen attention. Below is a perfect example of an acceptable standard.
Once your identity documents have been authenticated, your application will be evaluated. Here, they’ll inspect your background for criminal records or sanctions. And if everything goes well, you’ll be cleared. At the completion of the process, you’ll receive a congratulatory email. Finally, you’ll receive a physical card at your specified location.
Check out the RNS FAQ page for further clarity on how it works.
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