Overview of the TON UAE Golden Visa Initiative
The TON Foundation has initiated a new UAE Golden Visa program aimed at toncoin holders. Participants must stake $100,000 worth of toncoin and pay a processing fee of $35,000, with expectations of expedited approval and family member inclusion.
Key Points:
- The program aims to serve as a more efficient alternative to traditional residency routes, which often require substantial upfront investments in real estate exceeding $500,000.
- Following the announcement, toncoin prices increased by 12%, trading at approximately $2.89, with heightened trading volume observed.
Community Reactions
On social media, Max Crown stated that the program opens up an “exclusive chance” for toncoin holders. However, reactions from industry figures have been mixed:
- Bobby Ong labeled the initiative a promising development, although he remains cautious about its sustainability.
- Joe HedgedHog raised concerns that this isn’t an official UAE government partnership, questioning the effectiveness of the program beyond marketing.
- Changpeng Zhao acknowledged potential benefits while underscoring uncertainties surrounding the visa approval process and the required staking of toncoin.
Technical Insights
- The price of toncoin peaked at $3.06 before settling within a support range of $2.86-$2.89. The significant volume surge illustrates high interest in the market.
- The discrepancy in information regarding the $35,000 fee and its allocation adds to the skepticism.
Final Thoughts
With the Golden Visa initiative, the TON Foundation aims to position itself prominently within the rapidly evolving UAE cryptocurrency landscape, contributing to its objectives as a global crypto and Web3 leader.
