- TON surged over 10% after a Golden Visa offer appeared on the token's website.
- It claims applicants can stake $100,000 in TON to secure UAE residency.
- The UAE is expanding its push to become a global crypto hub.
Telegram’s Toncoin token holders may have a new incentive to relocate to the United Arab Emirates.
The price of TON climbed more than 10% to $3.02 on Saturday after an announcement appeared on the Toncoin website claiming that holders can now apply for the country’s ten-year Golden Visa by staking at least $100,000 worth of the cryptocurrency for three years and paying a one-time processing fee of $35,000.
The visa provides long-term residency for applicants and their families, including spouses, children, and parents, according to the site.
But the offer has no official backing, according to a follow-up notice.
The UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, along with the Securities and Commodities Authority and Dubai’s Virtual Assets Regulatory Authority, issued a joint statement denying that Golden Visas are being granted to digital currency investors.
Crypto hub efforts
The initiative adds to the UAE’s efforts to position itself as a global crypto hub.
In March, Ripple secured approval to offer regulated digital asset payments in Dubai’s International Financial Centre, a tax-free economic zone that has attracted crypto companies with its light-touch regulations and zero capital gains tax.
Dubai alone recorded more than $34 billion in crypto transfers in the 12 months ending June 2024, which was a 42% year-on-year increase, according to Chainalysis.
The city has also attracted over 600 crypto firms to its Dubai Multi Commodities Centre free zone, alongside a growing number of blockchain and fintech companies operating in the Dubai International Financial Centre and the nearby One Central district.
Crypto market movers
- Bitcoin has gained 0.1% in the past 24 hours and is trading at $108,050.
- Ethereum is also up 0.1% in the same period to $2,515.
What we’re reading
- Robinhood’s tokenised asset push threatens to reduce Wall Street exchanges to custodians, analysts say — DL News
- Checking the market’s pulse: July 2025 — Milk Road
- Ripple’s Legal Saga Is Over. But With Its Stablecoin Pivot, Where Does XRP Go? — Unchained
- Brazil’s Central Bank hack spills into crypto as $40m laundered via Bitcoin, Ethereum, and stablecoins — DL News
Correction, July 6: This article originally stated that the Toncoin Golden Visa offer was sanctioned by the UAE government. The offer appears to be promoted by private parties and is not an official UAE government programme.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com
