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 staked funds are reportedly unlocked after three years, with an estimated 3-4% annual percentage yield (APY). The Foundation claims benefits include fast approval (seven weeks), a simplified process bypassing real estate purchases or income thresholds, and family inclusion at no extra cost (excluding standard government fees). Staking occurs via decentralized smart contracts on the TON blockchain, ensuring transparency and security, the Foundation says. This is presented as a more capital-efficient alternative to traditional UAE Golden Visa routes, which often require significantly larger investments in illiquid assets.

The initiative caused a 12% surge in toncoin’s price, reaching $2.8944, a 5.36% increase in 24 hours. Trading volume spiked by 251.54% above the 30-day average. However, the announcement sparked controversy. CoinGecko’s Bobby Ong praised the partnership, hoping it’s not a temporary scheme. Conversely, Joe HedgedHog (@JoeHedgedHog) from Sigil Fund clarified that it’s not an official UAE government partnership but involves a third-party legal firm using TON as a proxy for entrepreneur visa applications. He noted any cryptocurrency could have been used, suggesting the staking requirement serves as a token utility sink.

Ivan Gbi (@ivangbi_) from Gearbox Protocol deemed the announcement misleading, highlighting the non-refundable $35,000 fee paid to the legal firm, which then submits applications to the UAE government. He argues the staked TON is one of several requirements, potentially irrelevant under updated rules. He suggests uncertain acceptance and a primarily marketing-driven program. Binance’s CZ expressed cautious support for Pavel Durov, emphasizing the need for verification of an official government partnership. The UAE entrepreneur visa requires project value confirmation (at least 500,000 AED), verification of innovation, and an accredited business incubator. Technical analysis shows a price surge from $2.75 to $3.06, with high-volume trading activity. Support formed around $2.86-$2.89, and resistance at $3.03 suggests a new trading range.