The TON Foundation has introduced a new approach to obtaining residency in the UAE through its crypto staking program for a Golden Visa. Announced by CEO Max Crown, this initiative involves staking Toncoin for eligibility.
Launch of Staking Program
The program allows applicants to attain a 10-year UAE Golden Visa by staking Toncoin. Max Crown described the initiative as a 'groundbreaking initiative'. However, as noted by Changpeng Zhao (CZ), 'staking activities typically require regulatory licenses from UAE authorities such as VARA, SCA, and ADGM, none of which have publicly recognized this TON-linked visa pathway.'
Market Reaction
The crypto market has responded positively to this news, with the value of Toncoin increasing by 10-12% and trade volume significantly rising. This indicates market approval, although regulatory recognition is still pending.
Regulatory Considerations
Industry experts like Joe Hedgehog emphasize the need for regulatory considerations before fully integrating such programs. Despite community excitement, the program's status remains informal pending UAE government approval.
The TON Foundation has initiated a unique solution for obtaining a Golden Visa, offering favorable conditions for investors. However, the final assessment of the program will depend on regulatory approval from UAE authorities.
