Telegram’s TON jumps 10% as UAE unveils Golden Visa offer for token stakers

The United Arab Emirates is offering Telegram’s Toncoin token holders a new incentive to relocate.

The price of TON climbed more than 10% to $3.02 on Saturday after it announced that holders can now apply for the country’s 10-year Golden Visa by staking at least $100,000 worth of the cryptocurrency for three years.

Applicants must also pay a one-time processing fee of $35,000.

The visa provides long-term residency for applicants and their families, including spouses, children, and parents.

It’s a steep discount from the country’s traditional Golden Visa routes, which typically require real estate purchases or fixed deposits of at least $540,000.

The program promises approval within seven weeks and offers an estimated annual yield of 3% to 4% during the staking period.

Crypto hub efforts

The initiative adds to the UAE’s efforts to position itself as a global crypto hub.

In March, Ripple secured approval to offer regulated digital asset payments in Dubai’s International Financial Centre, a tax-free economic zone that has attracted crypto companies with its light-touch regulations and zero capital gains tax.

Dubai alone recorded more than $34 billion in crypto transfers in the 12 months ending June 2024, which was a 42% year-on-year increase, according to Chainalysis.

The city has also attracted over 600 crypto firms to its Dubai Multi Commodities Centre free zone, alongside a growing number of blockchain and fintech companies operating in the Dubai International Financial Centre and the nearby One Central district.

Crypto market movers

• Bitcoin has gained 0.1% in the past 24 hours and is trading at $108,050.
• Ethereum is also up 0.1% in the same period to $2,515.

What we’re reading

• Robinhood’s tokenised asset push threatens to reduce Wall Street exchanges to custodians, analysts say — DL News
• Checking the market’s pulse: July 2025 — Milk Road
• Ripple’s Legal Saga Is Over. But With Its Stablecoin Pivot, Where Does XRP Go? — Unchained
• Brazil’s Central Bank hack spills into crypto as $40m laundered via Bitcoin, Ethereum, and stablecoins — DL News

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com