Republic of Palau and Cryptic Labs launch digital residency program

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

Inaugurating the partnership between Palau and Cryptic Labs, the President of Palau Surangel S.Whips Jr. signed an agreement to allow “all global users” digital residence through the RNS, under the country’s Digital Residency Act.

The Republic of Palau, located in the western Pacific Ocean, is made up of approximately 340 islands that are inhabited by 18.221 people. President Whipps stated:

“Our Digital Residency program will be able to verify identity using internationally accepted standards. This will ensure that Palau maintains law and integrity.” All global citizens are welcome to apply for participation in Palau’s digital residence program.

The digital residency program offers a blockchain-based legal identification, digital residency to allow democratization of global business opportunities and geo-agnostic governance that facilitates remote corporate formation and operation. It allows users to obtain an address, shipping information, and digital signature verification.

The digital residency program uses RNS and offers end-to-end encryption. This allows users to control how much of their location and ID data they share with others. After approval, users will be issued a physical ID card as well as an ID that is non-fungible token (NFT). This will allow users to “secure ID verification” and gain access to KYC functions. It also forms the foundation for legal ID, verification on-chain and other related services.

Bril Wang, CEO at Cryptic Labs, made the announcement.

“This partnership with The Republic of Palau is going to revolutionize economic development in Palau as well as around the globe. The practicality, versatility and transformative power that digital identity has to offer the world is being recognized by many people. This is a quick step towards that future.

Digital residency applicants can apply for it by opening an account, paying with their credit card, or using cryptocurrency.

Related: Blockchain allows enterprise business models in Metaverse

Palau’s second major step in blockchain adoption is the Digital Residency Program. 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.

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