Toncoin (TON), the native token of The Open Network, has recorded a double-digit price jump of over 10%. This surge followed the project’s unveiling of an innovative Golden Visa program in partnership with the United Arab Emirates (UAE).

The initiative allows participants to secure long-term residency by staking cryptocurrency instead of meeting traditional real estate or income thresholds.

According to official details, applicants can qualify for a 10-year UAE Golden Visa by staking $100,000 worth of TON and paying a one-time processing fee of $35,000.

The staked tokens are locked for three years through a non-custodial, verifiable smart contract on the TON blockchain. During the holding period, users maintain full ownership of their assets, which will generate an annual yield of approximately 3% to 4%.

Notably, the TON Golden Visa stands out from traditional residency paths, which typically require fixed deposits or real estate investments exceeding $500,000.

TON’s staking-based model introduces a more flexible and liquid alternative that aligns with the UAE’s growing focus on digital asset adoption.

In contrast to standard Golden Visas, which can take up to six months to process, the TON-based option offers a much faster approval timeline. Applicants can expect their visas to be processed in under seven weeks. Furthermore, applicants retain the liquidity of their staked assets, avoiding the illiquidity risks tied to conventional investment visas.

Following the announcement, Toncoin’s price surged over 10%. At the time of writing, the token is trading at around $2.96, up by nearly 8% over the past 24 hours. 

Market observers noted that the program aligns with the UAE’s broader strategy to establish itself as a global crypto hub.

“This opens the door for digital-first investors who prefer crypto over foreign hard assets. With Durov (Telegram founder) among the rare foreigners granted UAE citizenship, this move signals a deeper alignment of economic vision and digital sovereignty,” Jayden of Genome Protocol said.

Notably, the Middle Eastern country ranks third globally on the Henley Crypto Adoption Index for 2024.

According to the report, the UAE’s relaxed regulatory environment and business-friendly policies continue to attract crypto companies. This makes it a prime destination for innovation and investment in the crypto sector.

Meanwhile, the UAE’s move reflects a wider global trend of integrating crypto into national residency programs.

It closely follows El Salvador’s “Freedom Visa,” which grants citizenship eligibility through a $1 million Bitcoin or USDT investment in the country’s economy. Similarly, it mirrors Hong Kong’s recognition of Bitcoin and Ethereum as valid proof of assets for investment immigration applications.

The post Toncoin Surges After UAE Unveils Crypto-Backed Golden Visa Program appeared first on BeInCrypto.

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