The crypto world buzzed with excitement on July 6 when Max Crown, CEO of the TON Foundation, announced a groundbreaking initiative offering toncoin (TON) holders an exclusive path to secure a 10-year UAE Golden Visa. This program, aimed at leveraging the appeal of cryptocurrency for residency, requires applicants to stake $100,000 worth of toncoin for three years, alongside a $35,000 processing fee. The announcement sent toncoin’s value soaring, but not without stirring a mix of enthusiasm and skepticism within the crypto community.
The Golden Opportunity—or Is It?
The TON Foundation’s initiative promises a faster, more affordable route to UAE residency, bypassing traditional requirements like real estate purchases. According to their website, applicants can expect approval within seven weeks, with staked tokens earning an estimated 3–4% annual yield. Additionally, the process includes family members without extra costs beyond standard government fees.
Bobby Ong, co-founder of CoinGecko, lauded the initiative as an “amazing story,” suggesting it could attract significant interest from large investors, or “whales,” who might buoy toncoin’s market performance. However, not all voices are singing praises.
Joe HedgedHog, an investment partner at Sigil Fund, expressed skepticism. He noted that the initiative isn’t an official UAE government partnership but rather involves a third-party legal firm acting as an intermediary. This arrangement raises questions about the program’s legitimacy and whether any cryptocurrency could have been used in a similar manner. As explored in UAE Authorities Debunk Reports of Getting Golden Visa by Staking Toncoin, the legitimacy of such claims has been officially challenged.
Market Reactions and Technical Insights
Toncoin’s market reaction was swift. Following the announcement, the token surged by 12%, reaching a peak of $3.06. Trading volumes exploded, with a remarkable 251.54% increase over the 30-day average, signaling intense market interest. Support has settled around $2.86-$2.89, while resistance seems to be forming at $3.03, indicating a new trading range.
Yet, the excitement is tempered by caution. Changpeng Zhao, co-founder of Binance, acknowledged the initiative’s potential but urged for careful scrutiny. He highlighted conflicting details about the program’s legitimacy, including the substantial fee directed more towards a legal agent than the UAE government. Moreover, the absence of official recognition from UAE authorities adds another layer of uncertainty.
Regulatory Ripples and Future Implications
In a notable turn of events, the Emirates News Agency reported that three federal regulators refuted claims of digital currency investments qualifying for golden visas. They clarified that visas are granted based on established criteria, not cryptocurrency holdings. This official statement could dampen the initial excitement and raises critical questions about the program’s future.
The UAE entrepreneur visa category, which the TON initiative seemingly targets, requires proof of economic project value and innovation, alongside support from accredited business incubators. Whether the toncoin staking meets these stringent requirements remains a subject of debate. For a deeper dive into the regulatory implications, see UAE Authorities Debunk Reports of Getting Golden Visa by Staking Toncoin.
As the crypto community digests the news, the long-term implications of the TON Foundation’s bold move hang in the balance. Will this initiative pave a new path for crypto-backed residency, or will regulatory hurdles prove insurmountable? The coming months will likely reveal whether this ambitious endeavor can truly transform the landscape—or if it remains a compelling yet unfulfilled promise.
Source
This article is based on: TON Surges on UAE Golden Visa News; Crypto Community Reacts With Excitement and Doubt
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
