UAE has introduced a new residence program that will allow a 10-year stay in the country to investors (Toncoin holders) of Telegrams crypto (TON), which led to a 10 percent rise in the value of its token.
Those interested in the program can now invest 100,000 dollars of TON in the project to receive a 10-year Golden Visa of the United Arab Emirates. Besides the money placed in stake, there is a one off processing fee of 35000 that must be paid by the applicants. The visa not only covers the applicant, but also that of his/her spouse, children as well as his parents.
The program comes with a speed of visa granting only in seven weeks, a program that is fast, and easily reached unlike other standard Golden Visa programs that usually involve purchases of real estates or deposits of above 500,000 dollars. It is also during the staking period that the applicants have the opportunity to receive a 3 percent to 4 percent estimated annual yield on staked amount.
The shift stabilizes the position of the UAE as one of the global crypto capitals. Recently, Dubai has been home to large block chains companies and crypto exchanges with no capital gains tax and friendly crypto law. There are already more than 600 crypto companies doing business in the Dubai Multi Commodities Centre (DMCC) but more are incoming in the zones such as DIFC and One Central.
In March, Ripple had received permission to enable digital asset payment in Dubai and this gave an impetus to the blockchain industry in the city. In Chainalysis, Dubai recorded more than 34 billion dollars in crypto transfers in the 12 months to June 2024, up 42 percent on the previous year.
After the announcement of Golden Visa, the price of TON increased to 3.02, signifying an increase in the interest of investors. In the meantime, Bitcoin trades at $108,050 with a slight increase and Ethereum at $2,515 with a marginal rise.
By doing this, the UAE is facilitating relocating, investing, and profit-contributing of crypto investors to its digital economy.
