The Republic of Palau is currently offering a blockchain-based verified ID and digital residency service that can be used for KYC and ID verification with the help of Binance.
BNB Chain and ID NFTs for Palau
Binance Founder and CEO Changpeng Zhao (CZ) was in the Republic of Palau and met with Palauan President Surangel Whipps Jr. to announce a partnership that will enable the country to issue identity tokens to its digital residents in the form of a Non-fungible Token (NFT) on Binance’s BNB Chain blockchain.
“CZ and Binance will open doors of opportunity to develop new industries, and new businesses here in the hope of being able to bring our young people back to Palau and be a part of the technology and new creation there,” President Whipps Jr. said. “There are regulations that we need to implement in the digital residency program, but more important is the Business Registration Act. It’s nice to commit Binance to help us from the regulatory side.”
The Binance CEO also noted how the company plans to move forward in the partnership.
“We will explore further investing in Palau’s financial system. We have expressed our interest in, beyond cryptocurrency, the traditional financial services sectors, including payment services, digital banking, and more,” Zhao stated.
The Republic of Palau and California-based blockchain development company Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program in January of this year, to provide global citizens with a physical identification card issued by the government of Palau.
Now, with Binance’s help in transitioning to BNB Chain, the planned uses for the new NFT ID RNS will be more extensive, including Know Your Customer (KYC) functions, permissions access to digital banking, verified on-chain signatures, and access to government-issued identity-requiring services.
The latest event with the Republic of Palau displays Binance applying the power of the BNB Chain to practical applications on a national scale. This will create a solid launchpad for the further growth and expansion of BNB Chain in the future, especially given the recent launch of BNB Chain’s ambitious technical development roadmap to boost the ecosystem.
Binance’s Victory in the Legal Field
The close relationship with the Republic of Palau reflects Binance’s significant progress in improving the regulatory side of the world government, having also recently obtained a license to operate in the UAE, France, Italy, and possibly Germany. Binance also said it will establish a global headquarters (most likely in Dubai) and abandon the decentralized working culture.
In the Southeast Asia region, Binance is gradually returning to the Malaysian market through an investment in a domestic crypto exchange fully approved by the Securities Commission of Malaysia (SC).
Similarly in Indonesia, Binance has launched a new cryptocurrency exchange through a joint venture with a consortium led by MDI Ventures, the investment arm of Telkom Indonesia, after successful negotiations with the country’s richest family. In reaching a cooperation agreement with the Thai billionaire, Binance is ready to set up another crypto exchange in the country.
What is Binance:
Binance is the world’s largest cryptocurrency exchange, founded in Shanghai, China by Changpeng Zhao (CZ). Binance supports over 740 trading pairs on its platform.
With a low transaction fee (0.1%) as well as fast transaction processing, Binance has become the exchange with the largest trading volume in the cryptocurrency market. Binance exchange’s technology is capable of processing 1.4 million orders per second, making it a top exchange in terms of trading volume.
What is BNB Chain:
BNB Chain (Build & Build Chain) is a new blockchain developed and combined from Binance Smart Chain and Binance Chain, with many changes in technology and development vision.
BNB Chain will be a multi-chain platform, developing other side-chains besides BSC, thereby helping to increase blockchain performance, meeting user needs, and developing protocols on this blockchain.
BNB Chain remains a community-based, open-source, and decentralized ecosystem. Through the concept of MetaFi (“Meta” is metadata and “Fi” is DeFi), the BNB Chain community aims to build the infrastructure that underpins the world’s parallel virtual economy.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.