On July 6, Max Crown, CEO of the TON Foundation, announced on X a groundbreaking initiative offering Toncoin (TON) holders the exclusive chance to secure a 10-year UAE Golden Visa.

The program requires applicants to stake $100,000 worth of toncoin for three years and pay a one-time processing fee of $35,000. After the three-year lock-up period, staked funds can be unlocked, and during this time, applicants earn an estimated 3–4% annual percentage yield (APY) on their staked tokens.

The TON Foundation’s website highlights several key benefits: fast approval within seven weeks from document submission, a simple process without the need to purchase real estate or meet income thresholds, and inclusion of family members — spouse, children, and parents — at no extra cost beyond standard government fees. The staking is conducted through decentralized smart contracts on the TON blockchain, ensuring transparency and security.

The program claims to offer a capital-efficient alternative to traditional UAE Golden Visa routes, which the TON Foundation says typically require a minimum investment of approximately $540,000 in real estate or fixed deposits, often tied to illiquid assets and longer processing times. The TON Golden Visa initiative is touted as a faster, more affordable, and digitally native pathway to UAE residency, aligning with the country’s ambition to become a global crypto and Web3 hub.

The announcement had an immediate impact on Toncoin’s market performance. Shortly after the news broke, Toncoin’s price surged by 12%. At the time of writing, the token trades around $2.8944, reflecting a 5.36% increase over the past 24 hours. Additionally, the current 24-hour average trading volume is approximately 251.54% higher than the 30-day average, signaling heightened market interest and activity, according to CoinDesk Research’s technical analysis model.

Despite the enthusiasm, the announcement has generated controversy within the crypto community. Bobby Ong, co-founder and COO of CoinGecko, praised the partnership as an “amazing story” that could attract whales and provide strong buy support for Toncoin, although he expressed hope that the initiative is not a temporary scheme.

Conversely, Joe HedgedHog, an investment partner at Sigil Fund, pointed out that this is not an official UAE government partnership but rather a third-party legal firm using TON as a proxy to assist clients applying for the Golden Visa under the entrepreneur category. He noted that the firm could have used any cryptocurrency and that the staking requirement serves more as a token utility sink than a government mandate.

Further skepticism came from the Head of Strategy & Business Development at Gearbox Protocol, who described the announcement as misleading. According to this perspective, the legal firm receives the non-refundable $35,000 fee and attempts to submit applications to the UAE government, which ultimately decides on approval. The staked TON balance is only one of several requirements and may no longer be relevant under updated rules. The absence of blanket approval for TON stakers means that acceptance is uncertain, and the program may primarily serve as a marketing tool coupled with token utility.

Changpeng Zhao (CZ), co-founder and former CEO of Binance, expressed cautious support for TON founder Pavel Durov but emphasized the need to “trust but verify.” He noted that such a program would typically require an official government partnership and announcement, which has not yet been confirmed.

The UAE entrepreneur visa category, which this program appears to target, is designed for individuals owning economic projects of a technical or innovative nature. Applicants must provide approval letters from an accredited UAE auditor confirming the project’s value (at least 500,000 AED), local authorities verifying the project’s innovative character, and an accredited UAE business incubator to establish the proposed activity in the country.

The Open Network (TON) is a decentralized, scalable layer-1 blockchain originally developed by Telegram co-founder Nikolai Durov and now maintained by the TON Foundation and its community. It features a multi-blockchain architecture with a masterchain and multiple shardchains, using proof-of-stake consensus and advanced routing protocols to enable fast, low-cost transactions and support a wide range of decentralized applications.

• Toncoin (TON) is thjis blockchain’s native cryptocurrency; it used for transaction fees, staking, governance,and powering decentralized services. Integrated with Telegram, toncoin facilitates payments and rewards within the app’s ecosystem, with a capped supply of 5 billion tokens.

  Technical Analysis Highlights

  Price surged from $2.75 to a peak of $3.06, representing an overall range of $0.34 (12.4%).

• Rally began abruptly during the 7:00 hour on 6 July, when volume spiked to nearly 13 million.
• Extraordinary 57.5 million volume surge in the 8:00 hour propelled TON to its high.
• Support has formed around $2.86-$2.89 with high-volume buying.
• Resistance appears at $3.03, suggesting the token has established a new trading range.
• In the last 60 minutes from 6 July 15:12 to 16:11, TON experienced a significant price surge of 2.4%.
• Dramatic breakout occurred at 15:48 when volume spiked to 1.68 million tokens.
• Token reached a peak of $2.93 at 15:50 before establishing a new support level around $2.90-$2.91.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.