UAE Golden Visa Program Sparks TON Price Surge Amid Controversy Over Legitimacy

TON coin surged 12% on UAE Golden Visa news. The program requires staking $100,000 worth of TON for 3 years and offers a 3-4% annual yield. Applicants can secure a 10-year UAE Golden Visa, and family members are included at no extra cost. The initiative claims to be a faster and more affordable alternative to traditional routes. The announcement has generated controversy, with some praising it as an "amazing story" and others questioning its legitimacy.

TON coin (TON) experienced a significant 12% increase in price following the announcement of a new residency program in the United Arab Emirates (UAE) that requires staking $100,000 worth of TON for three years. The program promises a 3-4% annual yield and offers a 10-year UAE Golden Visa, including family members at no extra cost. This initiative aims to provide a faster and more affordable alternative to traditional residency routes.

The Open Network (TON), the blockchain platform spun out of Telegram, unveiled the program, which requires a one-time $35,000 processing fee. Applicants retain control of their assets during the staking period through a decentralized smart contract verifiable on the TON blockchain. The program's entry cost is 80% lower than conventional UAE Golden Visa routes, which usually demand a minimum $540,000 investment in illiquid assets [1].

However, the announcement has sparked controversy. While some praise it as an "amazing story," others question its legitimacy. The TON Foundation has clarified that it holds no official endorsement or partnership with the UAE government. The UAE government has also refuted the claim, stating that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility [2]. The TON Foundation is currently collaborating with a licensed partner on an exploratory project but emphasizes that any visa issuance remains under strict UAE governmental control and regulation [2].

Despite the controversy, the crypto-based residency program comes as the UAE pushes to establish itself as a primary destination for blockchain and crypto projects. The Dubai Financial Services Authority (DFSA) has approved Ripple's RLUSD stablecoin, and Dubai's crypto regulator has updated its guidelines to include provisions for real-world asset (RWA) tokenization [1].

The incident involving the TON Foundation underscores the complexities crypto projects face when navigating residency and investment visa programs in jurisdictions like the UAE. While the country has been proactive in embracing blockchain technology and digital assets, its immigration policies remain governed by strict legal frameworks. Crypto entities must exercise caution and ensure transparent communication when proposing initiatives that intersect with government-regulated residency schemes [2].

References:
[1] https://cointelegraph.com/news/toncoin-uae-golden-visa-staking-offer
[2] https://en.coinotag.com/ton-foundation-clarifies-no-official-uae-golden-visa-program-endorsement-amid-early-discussions/