Toncoin (TON), the native token of The Open Network, recorded a double-digit price jump, exceeding 10%. This increase occurred after the unveiling of the innovative Golden Visa program in partnership with the United Arab Emirates (UAE).
The initiative allows participants to secure long-term residency by staking cryptocurrency, rather than meeting traditional criteria of property or income.
According to official details, candidates can qualify for a 10-year Golden Visa in the UAE by staking $100,000 in TON and paying a one-time processing fee of $35,000.
Staked tokens are locked for three years through a non-custodial and verifiable smart contract on the TON blockchain. During the retention period, users retain full ownership of their assets, which will generate an annual yield of approximately 3% to 4%.
In fact, the TON Golden Visa stands out from traditional residency pathways, which typically require fixed deposits or real estate investments exceeding $500,000.
TON staking visa requirements in the UAE. Source: Ton
Visa with Toncoin offers liquidity and quick approval, raising the token's price.
The staking-based model of TON introduces a more flexible and liquid alternative that aligns with the UAE's increasing focus on the adoption of digital assets.
However, unlike standard Golden Visas, which require up to six months for processing, the option with TON reduces this timeframe to less than seven weeks. Candidates maintain the liquidity of their staked assets, which avoids the liquidity risks common in traditional investment visas.
Following the announcement, the price of Toncoin rose by more than 10%. At the time of writing, the token is trading around $2.96, up nearly 8% in the last 24 hours.
Ton price performance. Source: BeInCrypto
Market observers highlighted that the program aligns with the broader strategy of the UAE to establish itself as a global crypto hub.
"This opens the doors for digital investors who prefer crypto to foreign physical assets. With Durov (founder of Telegram) among the few foreigners to receive UAE citizenship, this move signals a deeper alignment of economic vision and digital sovereignty," said Jayden of Genome Protocol.
In fact, the Middle Eastern country ranks third globally in the Henley Crypto Adoption Index for 2024.
According to the report, the relaxed regulatory environment of the UAE and business-friendly policies continue to attract crypto companies. This makes it a privileged destination for innovation and investment in the crypto sector.
Meanwhile, the UAE's initiative reflects a broader global trend of integrating crypto into national residency programs.
It closely follows El Salvador's 'Freedom Visa,' which grants eligibility for citizenship through a $1 million investment in Bitcoin or USDT in the country's economy. Similarly, it mirrors Hong Kong's recognition of Bitcoin and Ethereum as valid proof of assets for investment immigration applications.
The article Toncoin (TON) spikes with UAE support for crypto assets was first seen on BeInCrypto Brazil.
