TON Partners with UAE for 10-Year Golden Visa at $100,000 Stake, Price Surges 10%

The Open Network (TON) has partnered with the UAE to offer a 10-year Golden Visa to individuals who stake $100,000 in TON for three years. This initiative represents a significant step in lowering the financial barriers for residency, as it reduces the traditional cost of obtaining a Golden Visa, which typically requires a minimum investment of $540,000 in illiquid assets. The program is managed by TON’s UAE-based partners, who will handle the visa processing and residency status confirmation. Applicants retain control of their assets during the staking period through a decentralized smart contract verifiable on the TON blockchain. Additionally, the program promises estimated annual yields of 3% to 4% on staked assets, providing an incentive for crypto investors.

This groundbreaking initiative has already spurred a 10% price surge in TON, highlighting increased investor interest. The program's lower cost of entry is expected to attract significant interest from global investors, particularly high-net-worth individuals. Bobby Ong, co-founder of CoinGecko, noted that the entry is 5x lower than an equivalent real estate or fixed deposit investment and will certainly get the attention of whales to take a look at TON and consider this as an option. The program extends coverage to immediate family members, including spouses, children, and parents, at no additional cost beyond standard government fees.

However, some have expressed skepticism about the program, noting that it is not an official partnership with the UAE government. Sigil Fund partner Joe HedgeHog pointed out that the program is facilitated by a third-party provider using TON as a proxy to help clients obtain the Golden Visa, suggesting that other cryptocurrencies could potentially be used for similar purposes. Despite this, the launch of this crypto-based residency program aligns with the UAE’s broader efforts to position itself as a leading destination for blockchain and crypto projects. The Dubai Financial Services Authority (DFSA) recently approved Ripple’s RLUSD stablecoin, and Dubai’s crypto regulator updated its guidelines to include provisions for real-world asset (RWA) tokenization. These developments, along with the attraction of over 600 crypto companies to the Dubai Multi Commodities Centre free zone, underscore the UAE’s commitment to becoming a hub for digital finance.

The program’s announcement has also had an impact on the price of Toncoin, which surged over 10% following the news. At the time of writing, the token was trading at around $2.98, reflecting a more than 8% increase over the past day. Despite this recent surge, the token remains down by more than 60% over the past year. The program’s success will depend on its ability to attract investors and demonstrate the viability of using cryptocurrency as a means to obtain residency in the UAE. This initiative marks TON's entry into significant government collaborations and sets a new standard for investment and residency, leveraging blockchain technology to attract global talent. The UAE Government spokesperson emphasized that this partnership with TON represents a groundbreaking approach to residency issuance.