TON offers 10-year UAE golden visa for $100K in staked Toncoin

The Open Network (TON), the blockchain platform originating from Telegram, has introduced a novel pathway to obtaining UAE residency. This program offers a 10-year Golden Visa to eligible applicants who stake $100,000 worth of Toncoin (TON) for a period of three years, along with a one-time processing fee of $35,000.

"Secure your Golden Visa in under 7 weeks from document submission to the Visa Office," TON announced on Saturday. They further elaborated that UAE-based partners will oversee the visa processing and confirmation of residency status.

A key advantage of this program is that applicants retain full control of their assets throughout the staking period. This is achieved through a decentralized smart contract, verifiable on the TON blockchain, ensuring transparency and security. Furthermore, the program offers estimated annual yields of 3% to 4% on the staked assets, providing an additional incentive for crypto investors.

The Golden Visa extends its benefits to immediate family members, encompassing spouses, children, and parents, without incurring additional costs beyond standard government fees.

Source: TON

Related: Toncoin surges as Pavel Durov leaves France after months

TON Offers Lower Entry Cost for Golden Visa

Traditional routes to obtaining a UAE Golden Visa typically require a minimum investment of $540,000 in less liquid assets. In contrast, TON's program necessitates only $100,000 in staked TON, presenting a significantly more accessible entry point.

"The entry is 5x lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option," Bobby Ong, co-founder of CoinGecko, commented on X.

Source: Bobby Ong

Following the announcement, Toncoin's price experienced a surge of over 10%. At the time of writing, the token is trading at approximately $2.98, marking an increase of more than 8% over the past day. However, it's important to note that the token is still down by over 60% compared to the previous year, according to data from CoinMarketCap.

Related: TON blockchain network back online after brief outage

UAE Solidifying its Position as a Blockchain Hub

This crypto-based residency program underscores the UAE's strategic efforts to establish itself as a leading hub for blockchain innovation.

Last month, the Dubai Financial Services Authority (DFSA), the regulatory body overseeing the Dubai International Financial Centre (DIFC), granted approval to Ripple's RLUSD stablecoin.

In May, Dubai's crypto regulator updated its guidelines to incorporate provisions for real-world asset (RWA) tokenization. Legal expert Irina Heaver noted that these updated rules provide issuers and exchanges with a clear framework for launching and trading tokenized real estate assets.

Furthermore, the Dubai Multi Commodities Centre free zone has successfully attracted over 600 crypto companies. More firms are gravitating towards the Dubai International Financial Centre and the One Central district as the country solidifies its position as a prominent leader in the realm of digital finance.

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