Palau Launches Affordable $248 Digital Residency
Palau Launches Affordable $248 Digital Residency
The Republic of Palau offers digital residency for only $248 per year, in an effort to modernize the country's physical identity cards.
This initiative represents an innovative step that expands opportunities for market participants, particularly those from countries with stringent regulations, such as the United States.
As outlined by the Palau residency program, individuals applying for residency are required to undergo anti-money laundering screenings and submit their contact details along with a valid form of identification.
The approval process typically takes around 10 days. The available residency options include one, five, or ten years, with the latter option priced at $2,039.
It is important to note that this program does not grant citizenship or provide a passport for access to the small Pacific island.
Nevertheless, successful applicants will receive both a physical ID card and a digitized ID.
This identification can be utilized for various purposes across the globe, ranging from accessing bars and crypto exchanges to online banking and using services provided by T-Mobile.
Palau has collaborated with Cryptic Labs to launch the Root Name System (RNS), the blockchain-powered platform for digital residency.
In a tweet, the RNS announced that residents from Canada, Argentina, and the US, where cryptocurrency faces restrictions, would have the ability to utilize any prominent cryptocurrency exchange.
Cryptocurrency exchanges ask investors to submit a government-issued photo identification to gain access to their platforms.
According to the RNS website, approximately 90% of cryptocurrency exchanges worldwide accept the Palau ID for identity checks. Notably, even Binance, the top cryptocurrency exchange, recognizes the use of the Palau ID for this purpose.
Huobi exchange also officially announced its support for Palau ID for KYC verification in a post last year, yet users must currently reside in the country.
