The United Arab Emirates is offering Telegram’s Toncoin token holders a new incentive to relocate.
The price of TON climbed more than 10% to $3.02 on Saturday after it announced that holders can now apply for the country’s 10-year Golden Visa by staking at least $100,000 worth of the cryptocurrency for three years.
Applicants must also pay a one-time processing fee of $35,000.
The visa provides long-term residency for applicants and their families, including spouses, children, and parents.
It’s a steep discount from the country’s traditional Golden Visa routes, which typically require real estate purchases or fixed deposits of at least $540,000.
The program promises approval within seven weeks and offers an estimated annual yield of 3% to 4% during the staking period.
Crypto hub efforts
The initiative adds to the UAE’s efforts to position itself as a global crypto hub.
In March, Ripple secured approval to offer regulated digital asset payments in Dubai’s International Financial Centre, a tax-free economic zone that has attracted crypto companies with its light-touch regulations and zero capital gains tax.
Dubai alone recorded more than $34 billion in crypto transfers in the 12 months ending June 2024, which was a 42% year-on-year increase, according to Chainalysis.
The city has also attracted over 600 crypto firms to its Dubai Multi Commodities Centre free zone, alongside a growing number of blockchain and fintech companies operating in the Dubai International Financial Centre and the nearby One Central district.
Crypto market movers
Bitcoin has gained 0.1% in the past 24 hours and is trading at $108,050.
Ethereum is also up 0.1% in the same period to $2,515.
What we’re reading
Robinhood’s tokenised asset push threatens to reduce Wall Street exchanges to custodians, analysts say — DL News
Checking the market’s pulse: July 2025 — Milk Road
Ripple’s Legal Saga Is Over. But With Its Stablecoin Pivot, Where Does XRP Go? — Unchained
Brazil’s Central Bank hack spills into crypto as $40m laundered via Bitcoin, Ethereum, and stablecoins — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected]