Highlights

The TON Foundation, led by Max Crown, has launched a unique program aimed at offering UAE Golden Visas using the toncoin. Applicants are required to stake $100,000 in toncoin and pay a $35,000 fee, benefiting from faster processing and family inclusion. Some view it as a capital-efficient method compared to traditional routes that require significant real estate investment. A notable point is the program's claim of transparency and security via blockchain technology, yet skepticism remains regarding its official status with UAE authorities.

Sentiment Analysis

• The announcement has prompted diverse reactions across the crypto community, highlighting optimism and skepticism.
• Market optimism is signified by a 12% increase in toncoin's price post-announcement.
• Skeptical voices question the legal validity and potential as a temporary scheme.
45%

Article Text

The recent initiative by the TON Foundation, announced by CEO Max Crown, introduces a groundbreaking pathway to acquiring the UAE Golden Visa through cryptocurrency. This venture requires applicants to lock $100,000 worth of toncoin over a three-year period, coupled with a one-time $35,000 fee. According to the foundation, this route streamlines the visa acquisition process, waiving typical requirements like real estate purchases and extensively high investments traditionally mandated by the UAE.

This announcement sent ripples through the crypto market, as evidenced by toncoin’s 12% price surge. Advocates, including Bobby Ong from CoinGecko, perceive this partnership as a potential magnet for affluent investors or "whales," underpinning stronger support for the cryptocurrency. Highlighting features like quick processing and inclusivity for family members, this initiative aligns with UAE’s tech-forward aspirations of establishing itself as a leading crypto hub.

However, critics within the community have voiced contentious views. Notably, figures such as Joe HedgedHog argue about the authenticity of this partnership with the UAE government, suggesting this is primarily driven by a third-party legal firm leveraging crypto. Further doubt is cast by "ivangbi," who emphasized that regulatory assurance remains unverified, potentially serving more as a marketing ploy rather than an assured governmental initiative.

Changpeng Zhao (CZ) of Binance also expressed cautious curiosity balanced with doubt about program legitimacy. He pointed out that the $35,000 might largely benefit intermediaries rather than contributing directly to visa processing by the UAE government. Additionally, he stressed that staking toncoin might not fulfill existing regulatory requirements under UAE's official visa schemes.

In light of these discussions, the viability of this program rests on key assurances from UAE authorities. For now, the potential entrants must navigate the uncertain ground, hoping the undertaking evolves beyond a tactic for promoting toncoin to a valid avenue for securing residency under innovative criteria.

Key Insights Table