Citizenship through the crypto exchange: myth or reality?
Cooperation between cryptocurrency exchanges and some countries has progressed to the point where passing KYC on top trading platforms with a high reputation serves as a guarantee of obtaining digital citizenship. And this is not a joke, but reality.
When the government of the Commonwealth of Dominica announced in November 2021 that it would begin working with crypto exchange Huobi to create a digital identity card and the national digital currency Dominica Coin (DMC), many were initially skeptical of the project.
The official announcement of cooperation between crypto exchange Huobi and the government of Dominica
However, it was already clear in December that the cooperating parties were determined to implement the project. On December 23, 2021, the Huobi exchange started accepting applications for Dominica Digital ID (also known as DID) through its web platform and mobile application.
Announcement of the start of accepting applications for getting a Dominica DID
To apply for a Dominica DID, any Huobi user must complete Level 3 ID verification (KYC procedure). Each such user may apply for only one Dominica DID.
Initiation of application for Dominica digital citizenship
That is, having an account on Huobi with the appropriate level of verification is the only requirement for getting Dominica digital citizenship. As a result, it is intriguing to discover what rights this citizenship confers and what the overall goal of this project is.
The project's goal
Along with Huobi, Tron Network and DMC Labs are also involved in the project. The project's ambitious goal is to launch the world's first national DMC token and Dominica DID digital identity card with the permission of the Commonwealth of Dominica's government. The project aims to contribute to the global development of Web3 and the Metaverse.
Tron, BitTorrent, and DMC Labs are third-party technology providers for the issue of DMC. The Tron Network blockchain has been officially selected to create the national blockchain infrastructure of the Commonwealth of Dominica.
This is the first issuance of national digital tokens (not CBDC) that has been officially authorized by the government and people of Dominica. Organizers claim that such a project will mark the start of a new era for the virtual asset sector and establish Dominica as the first "Crypto Island" in the world!
Details about the DMC Token and Dominica DID
The emission of DMC tokens is approved by the government of Dominica. DMC is the world's first national token, demonstrating the country's commitment to integration into the world of virtual assets and the metaverse. The DMC token will first be available in the TRC-20 standard and then in the ERC-20 and BEP-20 standards. The BitTorrent Chain protocol will be used to interact with Ethereum, BNB Smart Chain, and other networks.
Users will be able to buy DMC tokens through Huobi Prime. Along with the beginning of DMC selling, the Huobi exchange will launch the Dominica DID app.
In the future, passing the KYC procedure on Huobi will be possible with Dominica DID.
Dominica DID holders will also get access to the Tron network's Dominica Metaverse Bound Token (DMBT) and Soulbound Token (SBT). Furthermore, SBT token holders will be able to obtain digital citizenship in the Dominica metaverse, which will grant them the same rights as in the real world.
It will also be possible to obtain an official ID. For this, users must specify their postal address, and pay the required fees for its creation and the processing of personal data.
Privileges with DMC Tokens
DMC token holders can obtain Dominican passports that allow them to travel visa-free to more than 130 countries and regions around the world, including the EU, Switzerland, the United Kingdom, Singapore, Brazil, and Hong Kong.
DMC, along with TRX, USDD, and other cryptocurrencies, will be designated as a legal asset in the Commonwealth of Dominica and can be used as a means of payment throughout the country.
After the Dominica metaverse is created, the DMC token will become a native currency there, and its owners will receive various privileges in the metaverse, as well as access to airdrops of TRX, BTT, SUN, JST, and DMC tokens.
Areas of use of Dominica DIDs and the program of privileges for their holders
Dominica DID can be used for:
- passing the KYC procedure on all government resources and major digital platforms (Metaverse, etc.);
- opening bank accounts under local laws and regulations;
- credit and loan applications;
- registration of digital enterprises;
- purchasing digital assets.
Information about the country
The Commonwealth of Dominica is an island country in the Eastern Caribbean region with an area of 751 square kilometers and a population of 72,000 people. The legal system of the country is based on English common law. The official language is English.
Dominica's coastline
Along with having a lot of beaches and rainforests, Dominica is renowned for being one of the first nations in the Caribbean to introduce a citizenship-by-investment program. The popularity of this program has grown significantly since its 1991 debut. There are no language, age, experience, or educational requirements set by the state, and there is no interview requirement either. A Dominica passport allows visa-free travel to over 130 countries and regions worldwide, including the European Union, Switzerland, the United Kingdom, Singapore, Brazil, Hong Kong, and mainland China.
Now the people of Dominica have also become the first nation with a blockchain-based digital identity, the prospect of building a Web3 hub, a metaverse and its own national token.
