TON Offers UAE Golden Visa for $100,000 Toncoin Stake, Price Jumps 6%

The Open Network (TON) has introduced a new incentive for Toncoin (TON) holders aiming to secure residency in the United Arab Emirates (UAE). The initiative offers a 10-year Golden Visa to investors who are willing to stake a portion of their Toncoin holdings on the platform. This move is part of TON's strategy to enhance the real-world utility of its cryptocurrency and attract high-net-worth individuals to the UAE.

The Golden Visa program, accessible through a crypto-based route, provides several benefits, including exemption from income tax, flexibility in business setup, and access to various services. To qualify, a Toncoin holder must stake $100,000 worth of TON for a minimum of three years and pay a one-time processing fee of $35,000. The visa approval process is efficient, taking less than seven weeks after the submission of relevant documents. This visa also covers the holder’s immediate family members, including spouses, children, and parents, without additional costs beyond official government fees.

One of the key advantages of this offer is that applicants retain control of their staked assets while earning between 3% and 4% interest on them. This feature makes the offer particularly attractive, as it allows investors to benefit from both the residency program and the potential appreciation of their Toncoin holdings.

TON's move to offer the Golden Visa through a crypto-based route is a bold step towards increasing the adoption of staking for Toncoin. The conventional route to obtaining a UAE Golden Visa requires a minimum investment of $540,000 in illiquid assets, such as real estate or business ownership. In contrast, TON's offer allows crypto investors to leverage their holdings to enjoy the same benefits at a substantial discount of approximately 80%. This initiative is likely to attract Toncoin whales, especially given that Dubai in the UAE has emerged as a leading destination for crypto businesses.

The announcement has sparked significant interest in the cryptocurrency market, with Toncoin's price experiencing a notable spike. As of the latest update, Toncoin is trading at $2.88, having peaked at $3.05 before a slight pullback. This price movement reflects the market's positive reaction to the new residency program, which not only provides a pathway to residency but also encourages long-term holding of Toncoin. The partnership between the TON Foundation and the UAE government highlights the growing acceptance of cryptocurrencies as a viable asset class and a means of securing residency and investment opportunities.