Republic of Palau announced partnership with Cryptic Labs
On the Tuesday Republic of Palau announced a partnership with blockchain development firm Cryptic Labs to launch a sovereign-backed digital residency program using Root Name System (RNS).
Palau’s President Surangel S. Whipps Jr. signed a contract to allow all global citizens to claim digital residency using the RNS under the country’s Digital Residency Act into law on December 22. This enables them to get some of the perks of residency on the island nation of 18,000 people without physically living there. The Republic of Palau comprises 340 islands inhabited by 18,221 residents in the western Pacific Ocean.
Digital residency is a blockchain-based legal ID, digital residency democratizing access to global business opportunities, and a geo-agnostic governance system enabling remote corporate formation and operation. In addition, users can verify their addresses, shipping services, and digital signatures.