The TON Foundation has announced a unique program linking residency in the UAE with Toncoin staking opportunities. This is the first instance where residency can be obtained through crypto investments.
Program Details
According to CEO Max Crown, participants will be able to stake $100,000 in Toncoin over three years, along with a processing fee of $35,000. This initiative aims to broaden access to UAE residency.
Market Reaction
Following the announcement of the program, the price of Toncoin surged by 10-12%, and trading volumes increased sharply. This market reaction indicates significant interest in the initiative.
Regulatory Questions
Despite the positive reception, there has been no official confirmation of support from UAE authorities, raising questions about regulatory frameworks. As noted by Changpeng Zhao, official UAE licenses are typically needed for such initiatives.
The TON Foundation's initiative to link crypto staking with UAE residency represents a significant step in integrating cryptocurrencies into traditional financial and legal systems, despite raising regulatory concerns.
