Billionaire Justin Sun Says Huobi's ID Token Could Grant Citizenship in Dominica – Here's What You Need to Know
Billionaire Tron (TRX) founder Justin Sun has predicted that tokenized know-your-customer (KYC) checks will become increasingly prevalent as regulations tighten, while offering his own identity token that grants holders "citizenship" in Dominica’s metaverse.
In an interview with Decrypt, Sun speculated that decentralized exchanges (DEXs) like Uniswap in the future will require KYC verification for on-chain users, and that they will also need to obtain licenses to ensure compliance with travel rules and anti-money laundering (AML) regulations.
“In the future, we will probably have these kinds of licenses for decentralized exchanges," Sun was quoted as saying.
To address these potential requirements, Huobi, an exchange partly owned by Sun, has introduced the Dominica Metaverse Bound Token (DMBT).
The token is part of the Dominica Metaverse Digital Citizen (DMDC) program and offers tokenized identity for users who have completed tier 3 KYC verification on Huobi, which requires facial recognition, personal information, and pictures of a national ID.
Issued on the Tron blockchain, the DMBT token grants its holders "citizenship" within the Dominica Metaverse, and doubles as a government-issued ID for the Commonwealth of Dominica.
Dominica is a Caribbean island nation with a population of less than 100,000 people.
Huobi’s embrace of Dominica’s digital government-issued ID is not a new thing, and media reports in the past have speculated that it could offer a way for the exchange to bypass a ban on crypto trading for mainland Chinese users.
“People familiar with the program said Chinese users will be able to trade on Huobi’s platform if they register for Dominican digital citizenship,” a report from the Wall Street Journal from March
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