‘Trojan horse’: Palau’s bid to become global crypto hub could turn it into scammers paradise, critics warn

Experts say Palau should be wary of entering into a programme that could leave it open to exploitation and harm its image

Palau's new digital residency programme could leave it open to cryptoscammers and corruption, critics have warned, arguing that not enough due diligence has been done on the scheme.

The programme allows foreigners to buy an e-residency card which in turn allows them to start companies and sign documents, among other things. Most importantly, when the relevant legislation is passed, it will allow them to trade in cryptocurrencies, useful for residents whose countries, like China, do not allow it.