KOROR (Island Times/Pacnews) — “Your vision, curiosity and courage have brought you to the cusp of a transformative change for our world. As a founding digital resident, we hope that you enjoy this connection to a unique Pacific Island and its trailblazing history,” Palau President Surangel Whipps Jr. said in welcoming Tim Draper, Palau’s first digital resident.
“I think it is an incredibly great honor,” said Draper, a U.S. venture capitalist and billionaire. “And I think it’s the beginning of something extraordinary, that is going to spread around the world and is as innovative as this government.”
Palau’s digital residency law allows the island nation to grant digital residency — a legal resident identification that does not require physical residence in Palau but has the functionality of a legal residency.
“Today, more than 40% of the world’s population are still unable to access fundamental economic and business activities available for the rest of the world,” Whipps said. “The digital residency will change that by allowing equal access to economic opportunities for individuals and communities across the world.”
Crypto Labs has said that over 300,000 have expressed interest in Palau’s digital residency program. With the inauguration of the first digital residency, applications will be sent out to the first 10,000 applicants who will be given 72 hours to respond.
Under the program, Palau receives a $150 fee for each application and identification issued. Palau has an agreement with Crypto Labs, a private company, to manage the digital residency program.
Whipps said Palau is now working on other related legislation that will complement digital residency and create other opportunities such as exempt corporations, digital financial services, crypto trading, among other related ventures.
The Whipps administration is banking on new technologies such as blockchain to diversify Palau’s tourism-based economy and create new revenue sources.
Tim Draper
