TON Surges on UAE Golden Visa News; Crypto Community Reacts With Excitement and Doubt

The TON Foundation announced a program offering a 10-year UAE Golden Visa to toncoin (TON) holders. Applicants must stake $100,000 worth of TON for three years, paying a $35,000 processing fee. The Foundation highlights benefits such as fast approval (seven weeks), a simplified process avoiding real estate purchases or income requirements, and family inclusion. Staked funds are reportedly unlocked after three years, earning an estimated 3-4% annual percentage yield (APY). This is presented as a cost-effective alternative to traditional UAE Golden Visa routes, which typically require significantly larger investments.

The announcement immediately boosted toncoin’s price by 12%, reaching approximately $2.89, with 24-hour trading volume surging over 250% above the 30-day average. However, the initiative sparked controversy. CoinGecko’s Bobby Ong praised it, while others expressed skepticism. Joe HedgedHog highlighted that it’s not an official UAE government partnership but facilitated by a third-party legal firm utilizing TON. He suggested the staking requirement serves primarily as a utility sink, not a government mandate.

IvanGbi argued the announcement is misleading, stating the legal firm receives the fee and submits applications, with the UAE government making the final decision. He pointed out the staked TON is one requirement among several, potentially irrelevant under updated rules. The uncertainty of acceptance suggests it may be primarily a marketing tool coupled with token utility.

Changpeng Zhao (CZ) expressed cautious optimism, noting conflicting information regarding legitimacy, including the fee allocation and potentially misleading website language. He raised concerns about UAE regulators classifying staking as a regulated activity, for which TON might lack licenses. Crucially, official UAE government channels do not recognize TON staking as a visa qualification.

The Emirates News Agency (WAM) subsequently denied claims of golden visas being granted to cryptocurrency investors, stating that such reports are false and visas are issued based on officially approved criteria excluding cryptocurrency holdings. The program appears to target the UAE entrepreneur visa category, requiring project approval, verification of innovation, and accreditation from a business incubator.