CZ Questions Legitimacy of TONs UAE Golden Visa Pathway

Changpeng “CZ” Zhao, the former CEO of Binance, has publicly questioned the legitimacy of The Open Network’s (TON) new pathway to UAE residency. TON announced that 10-year UAE Golden Visas would be available to applicants who stake at least $100,000 worth of Toncoin (TON) for three years and pay a $35,000 processing fee. The visa could reportedly be secured in under seven weeks. However, CZ expressed skepticism on social media, noting the absence of any official announcement from UAE government sources. He stated, “Is this real? It would be awesome IF it is true. But I got conflicting info so far.” CZ also pointed out that there are no official government websites with the “stake Ton for golden visa” update, raising questions about which government entity, if any, approved the program.

CZ’s familiarity with the UAE’s residency requirements, having received a Golden Visa when he first arrived in the country, adds weight to his skepticism. In response to CZ’s post, some users pointed out that Telegram CEO Pavel Durov has confirmed the news. Durov reposted the announcement on X from crypto influencer Ash Crypto. However, CZ maintained his reservations, stating he likes to “trust but verify.”

The announcement of the UAE Golden Visa for TON stakeholders has sparked significant interest in the cryptocurrency community. The UAE has emerged as a rapidly growing hub for cryptocurrency adoption and blockchain-based companies, thanks to its favorable regulatory environment, government support, and infrastructure that welcomes DeFi and Web3 projects. Many of these advantages were highlighted at the recent Token2049 conference in Dubai, which CZ attended. The UAE has also launched initiatives such as the Machine Economy Free Zone, which explores the intersection of robotics, AI, and decentralization. Additionally, the region has positioned itself as a key player in tokenized real estate, with Dubai launching the first licensed tokenized real estate project in the Middle East and North Africa.

Despite the enthusiasm surrounding the TON Golden Visa announcement, the lack of official confirmation from the UAE government has left many in the industry wondering about the legitimacy of the visa and the potential implications for TON’s operations in the UAE. The situation underscores the complexities and uncertainties surrounding blockchain projects and their interactions with regulatory bodies. As the cryptocurrency community awaits further clarification, the validity of the TON Golden Visa remains a topic of debate.