INSUBCONTINENT EXCLUSIVE:
Update (July 6, 12 pm UTC): This article has been updated to include comments from Sigil Fund partner Joe HedgeHog.Update (July 6, 11:13 pm
UTC): This article has been substantially updated to include the denial from the UAE press office
The Open Network (TON), the blockchain platform spun out of Telegram, unveiled what it described as a new pathway to United Arab Emirates
residency, offering 10-year golden visas to applicants who stake $100,000 worth of Toncoin for three years and pay a one-time $35,000
that its UAE-based partners will manage the visa processing and residency status confirmation.However, the Emirates News Agency said later
in a press release that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities
Authority, and the Virtual Assets Regulatory Authority have issued a joint statement that golden visas are not issued to digital asset
said.According to the press release, VARA also clarified that the company TON is neither licensed nor regulated by the Virtual Assets
Regulatory Authority.According to the original claim, applicants retain control of their assets during the staking period through a
decentralized smart contract verifiable on the TON blockchain
Furthermore, the program promises estimated annual yields of 3% to 4% on staked assets, adding an incentive for crypto investors.The golden
visa would supposedly extend coverage to immediate family members, including spouses, children and parents, at no additional cost beyond
standard government fees.Source: TONRelated: Toncoin surges as Pavel Durov leaves France after monthsTON lowers golden visa entry cost by
80%Conventional UAE golden visa routes usually demand a minimum $540,000 investment in illiquid assets
lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this
At the time of writing, the token is trading at around $2.98, up by more than 8% over the past day
The token is still down by more than 60% over the past year, according to data from CoinMarketCap.However, some have raised doubts about the
Related: TON blockchain network back online after brief outageUAE to cement status as blockchain hubThe crypto-based residency program comes
as the UAE pushes to establish itself as a primary destination for blockchain and crypto projects.Last month, the Dubai Financial Services
Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.Magazine:
