A unique initiative has been launched in the United Arab Emirates: in partnership with The Open Network (TON) project, a program for obtaining a 10-year residence visa through staking the Toncoin cryptocurrency has been launched. This is the first such case when a state migration program is directly linked to a blockchain solution.
According to the terms, participants must stake $100,000 in Toncoin tokens for a period of three years using a decentralized smart contract, as well as pay a one-time fee of $35,000. In return, they receive a UAE “golden visa”, which gives the right to long-term residence and also applies to family members — spouse, children and parents.
TON Foundation CEO Maximilian Kraun said that this partnership opens up real opportunities thanks to cryptocurrency instruments. He emphasized the importance of the trust from the UAE authorities and expressed gratitude for the support of the initiative.
Token holders participating in the program will also be able to earn income from staking — about 3-4% per annum. The visa application process will take about seven weeks — significantly faster than the traditional scheme, which requires investments of $540,000 and a lengthy review.
The program is an important step in integrating digital assets into public policy. The UAE has previously taken steps towards cryptography: the sovereign wealth fund ADQ, IHC, and FAB bank announced the creation of a dirham-pegged stablecoin.
Thus, the Emirates confirm their commitment to the status of one of the most progressive cryptocurrency hubs in the world.
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