Toncoin (TON) surged more than 10% following the announcement of a new Golden Visa program. This international program is a joint endeavor with the United Arab Emirates (UAE). Applicants are now able to receive residence permits of unlimited duration by way of crypto staking. This initiative removes traditional barriers such as homeownership or income thresholds. Though TON’s camp hails the new program as revolutionary, UAE officials have denied there is any formal partnership.

The UAE’s actions demonstrate a growing worldwide trend of including crypto in national governments’ residency-by-investment programs. Compared to traditional Golden Visa options, approval via the TON-based platform is expected to take just a few minutes. Time wise, applicants can look forward to their visa being finalized in under seven weeks, whereas the old Golden Visa took as long as six months. This initiative is just one part of the UAE’s grand strategy to become a global crypto powerhouse.

UAE's Crypto Ambitions and TON's Role

The UAE has recently claimed the third position internationally in the Henley Crypto Adoption Index for 2024. This recognition reflects its leadership and commitment to adopting digital assets. The country’s lax regulatory environment has drawn crypto companies like moths to a flame. This supportive business environment has led to widespread innovation and expansion within the industry as a whole. As the TON-based Golden Visa program might suggest, UAE is currently working to become a top crypto hub. This strategic initiative increases the country’s attractiveness to crypto enthusiasts and investors.

TON’s Golden Visa is very different from the usual residency route. Unlike that option, which often requires a collateralized deposit or real estate investment of at least $500,000, TON takes a different route. It costs users roughly $1,000 — paid almost entirely in cryptocurrency — to a facilitation agent. This initial payment will let them apply for a golden visa by staking their crypto assets. Users retain complete ownership of their assets for the duration of the lock-up period. These assets further produce an annualized yield of 3% to 4%.

As much as this new TON-based Golden Visa initiative has generated excitement and interest, some doubt and controversy soon followed. Changpeng Zhao, co-founder of Binance, cautioned investors:

This opens the door for digital investors who prefer crypto over foreign hard assets. With Durov (founder of Telegram) being one of the few foreigners to be granted UAE citizenship, this move shows a deeper alignment of economic vision and digital sovereignty. - Jayden of Genome Protocol

Controversy and Official Response

The UAE government spokespeople have refuted other assertions made by TON that allegedly support the existence of a formal partnership on the Golden Visa program. This contradiction begs the question of just how deeply TON is involved and whether their marketing materials are even truthful.

This is just aggressive and misleading marketing. DYOR (do your own research). You can pay around $1,000 (in mostly crypto) to an agent to apply for a golden visa. There’s no guarantee, but if you’re worthy, the chances of getting through are pretty high. Always wait for information from official sources before believing anything. - Changpeng Zhao, co-founder of Binance.

Besides the UAE, other jurisdictions are experimenting with crypto-based residency programs. The cryptocurrency world is abuzz since Hong Kong officially recognizing Bitcoin (BTC) and Ethereum (ETH) as valid proof of assets. This breaks with the investment-based immigration policy of the UAE. According to Statista, this trend indicates that an increasing number of individuals view cryptocurrencies as valid forms of finance. It would unlock the potential for attracting foreign investment and talent.

Global Crypto Residency Trends

On July 6th, Toncoin (TON) was selling for about $2.96, an almost 8% increase in the past 24 hours. The 133% price spike indicates just how bullish the real estate market is following the Golden Visa announcement, even with all the Golden Visa drama going around.

On July 6, Toncoin (TON) was trading at around $2.96, up nearly 8% in the last 24 hours. The price surge reflects the market's positive reaction to the Golden Visa announcement, despite the controversies surrounding the program.