TON Golden Visa Claim DEBUNKED: UAE Authorities Issue Stunning Denial

Reports circulated rapidly about a potential pathway to UAE residency through cryptocurrency staking. Specifically, claims emerged regarding a TON Golden Visa program that would leverage Toncoin (TON) holdings. This news generated significant buzz among crypto investors eyeing opportunities in the United Arab Emirates.

UAE Authorities Address TON Golden Visa Claim

Following an announcement from The Open Network (TON) detailing a purported program offering 10-year Golden Visas in the UAE for staking Toncoin, official sources in the Emirates have issued a clear denial.

TON had outlined a process where individuals could secure a visa by staking $100,000 worth of Toncoin for three years and paying a $35,000 processing fee. They suggested this could be completed within 7 weeks via UAE-based partners.

However, the Emirates News Agency (WAM) released a statement clarifying the position of key UAE authorities: The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA).

Their joint statement explicitly denied that Golden Visas are issued based on digital asset holdings. They emphasized that digital currency investments are governed by specific regulations separate from Golden Visa eligibility criteria.

Key points from the UAE denial:

• Golden Visas are not granted based on digital asset ownership.
• Digital currency investments fall under separate regulatory frameworks.
• Investors should rely on credible, official government sources for information.
• VARA clarified that the company TON is neither licensed nor regulated by VARA in the UAE.

Comparing the Proposed TON Golden Visa Route to Traditional Paths

The purported TON Golden Visa program suggested a significantly lower entry point compared to conventional UAE Golden Visa requirements. Traditional routes often demand a minimum investment of around $540,000, typically in illiquid assets like real estate or public investments.

TON’s claim of a $100,000 staking requirement presented an entry cost five times lower than these established methods. This difference was highlighted by figures in the crypto community, noting its potential to attract interest from larger investors.

The program also claimed benefits like retaining control of staked assets via a smart contract and offering estimated annual yields, alongside extending coverage to immediate family members.

Market Reaction and Skepticism Regarding Toncoin

Following TON’s initial announcement, the price of Toncoin saw a notable surge, increasing over 10% before settling slightly lower. At the time of the original article, Toncoin was trading around $2.98, up over 8% in 24 hours, though still significantly down from its price a year prior.

Despite the price movement, some observers expressed skepticism about the legitimacy of the claim as an official government partnership. Critics suggested a third-party provider might be using TON as a vehicle for clients seeking entrepreneur visas, rather than a direct, officially sanctioned UAE Crypto Visa program tied specifically to Toncoin staking.

UAE’s Position on Crypto Investment and Blockchain

This event occurs within the broader context of the UAE actively positioning itself as a global hub for blockchain and cryptocurrency activities. Dubai, in particular, has made strides in developing regulatory frameworks and attracting crypto businesses.

Recent developments include regulatory approvals for stablecoins and updated guidelines for real-world asset tokenization. Free zones like the Dubai Multi Commodities Centre have welcomed hundreds of crypto companies, signaling the country’s commitment to fostering the sector. However, the official denial regarding the TON Golden Visa claim underscores the importance of verifying information directly with UAE authorities when considering significant Crypto Investment or residency plans.

Summary: Official Denial Contrasts With TON Claim

In conclusion, while TON announced a program offering a pathway to a UAE Golden Visa through Toncoin staking, UAE government authorities have unequivocally denied the existence of such a partnership or eligibility criteria based on digital asset holdings. They also clarified that TON is not licensed by VARA. This situation highlights the critical need for investors to seek information directly from official sources to avoid misinformation in the rapidly evolving crypto and residency landscape in the UAE.