TON (The Open Network) has announced a new program offering a Golden Visa in the United Arab Emirates for Toncoin holders.
Key Details of the Golden Visa Offer Via Crypto Route
The Golden Visa program is designed for those willing to use cryptocurrency to obtain a visa to the UAE. To benefit, a Toncoin holder must stake assets worth $100,000 for a minimum of three years. A one-time processing fee of $35,000 is also required. Once documents are submitted, the visa can be secured within seven weeks.
Notably, the Golden Visa covers the holder’s immediate family, including spouses, children, and parents, who will incur no additional costs beyond official government fees.
TON’s Bold Push Into Real-World Utility
This offering could encourage many Toncoin holders to stake their assets. The proposed scheme is significantly more affordable than traditional costs for obtaining a Golden Visa in the UAE, which can reach $540,000 in illiquid assets. Traditionally, property investment or business ownership was required to obtain a visa.
This route allows crypto investors to leverage their holdings, accessing the same benefits at a substantial discount of approximately 80%.
Market Reaction and Toncoin Price
Following the announcement of the program, Toncoin’s price surged by 10%, reaching $2.88. Earlier, the asset was trading at $3.05, but it has seen a slight pullback. Trading volume increased by 430.52%, totaling $596.01 million during the same timeframe.
The Golden Visa program from TON provides a unique opportunity for Toncoin holders seeking the benefits of residing in the UAE. This initiative could significantly impact the popularity of staking within the Toncoin ecosystem.
