The Open Network (TON) has announced an incentive for holders of Toncoin (TON) who wish to remain in the United Arab Emirates (UAE). According to the update, TON is offering a 10-year Golden Visa to the UAE for investors willing to stake a portion of their holdings on the platform.
Key Details of the Golden Visa Offer Via Crypto Route
Notably, the offer is for those willing to use a crypto-based route to obtain a visa to the UAE. The benefits of this long-term residency in the region include exemption from income tax, flexibility in business setup, and access to various other services.
To enjoy these benefits, a Toncoin holder needs to stake $100,000 worth of TON for a minimum of three years. They will also need to pay a one-time processing fee of $35,000. Once this is done, within seven weeks after the submission of relevant documents, they will secure the Golden Visa for the UAE.
Interestingly, the Golden Visa provides coverage to the holder’s immediate family members, including spouses, children, and parents. These beneficiaries will not incur further costs beyond the official government fees.
Notably, applicants retain control of their staked assets while earning between 3% and 4% interest on them.
TON’s Bold Push Into Real-World Utility
The move could trigger an increased shift toward staking for Toncoin. The ecosystem’s offer is significantly incentivized, as the conventional UAE cost implication is much higher than TON is requesting.
To obtain it via the regular route, an applicant would require a minimum of $540,000 investment in the form of illiquid assets. Traditionally, the UAE Golden Visa requires real estate investments or business ownership.
This route enables crypto investors to leverage their holdings, allowing them to enjoy the same benefits at a substantial discount of approximately 80%.
Toncoin whales might likely leverage the offer to obtain the UAE’s Golden Visa. Notably, Dubai in the UAE stood out as the leading destination for crypto businesses in 2024.
Toncoin Price and Market Reaction
In the cryptocurrency market, Toncoin’s price spiked by a significant 10% after the announcement by TON. As of this writing, Toncoin is exchanging at $2.88. It had earlier peaked at $3.05 before witnessing a slight pullback.
Meanwhile, trading volume has soared by 430.52% to $596.01 million within the same time frame as market participants engage the asset.
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