The Open Network (TON), the Blockchain platform that appeared on the Telegram, opened a new UAE residence path, offering a 10-year gold visa to applicants to bet $ 100,000 worth of Toncoin (ton) for three years and pay a once $ 35,000 processing fee.
“I -secure your golden visa under 7 weeks from submission of document to visa office,” ton ton announced Saturday, detailing the UAE -based partners will manage confirmation of visa processing and residence.
Applicants maintain control of their genitals during staking through a decentralized intelligent contract proven to tons of blockchain. In addition, the program promised an estimated annual yield of 3% to 4% in staked assets, adding an incentive for crypto investors.
The Golden Visa expands the scope of urgent family members, including spouses, children, and parents, at no additional cost beyond government fees.
Related: Toncoin screams while Pavel Durov leaves France after the month
Ton Lowers Golden Visa Entry Cost of 80%
The conventional UAE Golden Visa routes usually request a minimum of $ 540,000 investment in unknown properties. In contrast, the TON program requires only $ 100,000 in staked TON, which offers a significant lower point of entry.
“Admission is 5x less than a corresponding investment in real estate / FD and will surely get the whales to look at tons and consider it as an option,” Bobby Ong, co-founder of coingecko, wrote to X.
Following the announcement, Toncoin’s price went up 10%. At the time of writing, the token traded around $ 2.98, up to more than 8% on the previous day. However, the token still dropped more than 60% in the last year, according to data from CoinMarketCap.
Related: TON BLOCKCHAIN NETWORK BACK ONLINE AFTER A BECAUSE OF OUTAGE
UAE on cement status as blockchain hub
The crypto -based residence program reflects the UAE pushing to promote itself as a major destination for blockchain change.
Last month, the Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Center (DIFC), Ripple’s Rlusd Stablecoin approved.
In May, the Dubai crypto regulator Its guidelines have been updated To integrate provisions for tokenization of the real-world asset (RWA). Attorney Irina Heaver told Cointelegraph These policies provide those who give and replace a clear path to Launch and trade tokenized real estate assets.
Meanwhile, the Dubai Multi Commodities Center Free Zone are attracting more than 600 crypto companies.
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