The Open Network (TON), initially developed by Telegram, has introduced a new program offering a fast track to residency in the United Arab Emirates (UAE). This initiative allows individuals to obtain a 10-year Golden Visa by staking $100,000 worth of Toncoin (TON) for three years and paying a one-time processing fee of $35,000.

This crypto-based residency program presents a lower entry point compared to traditional routes for obtaining a UAE Golden Visa. Conventional methods typically demand a minimum investment of $540,000 in illiquid assets such as real estate or fixed deposits. TON's program significantly reduces the capital requirement and offers a faster processing time, aiming to attract crypto investors and entrepreneurs to the UAE.

TON states that the visa processing will be managed with UAE-based partners, with residency status confirmed in under seven weeks from the submission of documents. A key benefit of the program is that applicants retain complete control of their staked assets through a decentralized smart contract that is verifiable on the TON blockchain. Additionally, the program offers estimated annual yields of 3% to 4% on the staked Toncoin.

The Golden Visa extends to immediate family members, including spouses, children, and parents, without incurring additional costs beyond the standard government fees. This makes the program an attractive option for individuals looking to relocate their families to the UAE.

The announcement of this program has had a positive impact on the value of Toncoin. Following the announcement, the price of TON surged by over 10%. This price jump reflects the market's positive sentiment towards the program and its potential to drive demand for Toncoin.

The UAE Golden Visa program is designed for entrepreneurs in blockchain, fintech, and other key technology sectors. The initiative allows them and their families to live and work in the UAE, while enjoying benefits, including fast-tracked processing and the ability to sponsor dependents. By creating a supportive environment for innovation and entrepreneurship, the UAE aims to attract global talent and investment, solidifying its position as a leading hub for Web3 development and digital transformation.

The application process involves several steps. Applicants begin by submitting an application form. Once the application is submitted, they receive an email with instructions on how to pay the visa processing fee and stake the required amount of TON. After payment and staking confirmation, a review process begins, and the visa issuing partner in the UAE guides the applicant through the final steps. Upon arrival in the UAE, applicants receive their 10-year Golden Visa.

This initiative reflects the UAE's ongoing efforts to establish itself as a global hub for blockchain and cryptocurrency innovation. By offering residency through crypto staking, the UAE is tapping into a new pool of potential residents and investors, further solidifying its position in the digital economy.