TON Foundation Denies UAE Golden Visa Partnership Amid 10% Toncoin Surge

The TON Foundation has issued a clarification regarding a misleading announcement about a UAE Golden Visa initiative. The foundation denied any formal agreement with the UAE government, emphasizing that the project is still in its early stages and any visa issuance rights belong to the relevant UAE government departments. The controversy arose from TON's announcement of a new Golden Visa pathway for crypto investors, which suggested that individuals could gain a 10-year residency in the UAE by staking $100,000 worth of TON tokens and paying a one-time processing fee of $35,000. The tokens would be locked for three years using a transparent, non-custodial smart contract, allowing users to retain ownership and earn between 3% and 4% annually. This was framed as a more accessible route compared to traditional options, which often require real estate investments exceeding $500,000.

Authorities in the United Arab Emirates have officially refuted claims that digital asset investors now qualify for the country’s long-term Golden Visa. In a joint statement released, three major regulatory bodies, including the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, denied any such initiative. The ICP clarified that the Golden Visa is limited to individuals who meet specific eligibility criteria, such as real estate investors, entrepreneurs, scientists, and exceptional talents. Digital asset holders do not currently fall within that framework. The SCA added that virtual assets are regulated under a separate legal structure unrelated to the Golden Visa program. VARA echoed this, stating that no digital asset initiative grants visa privileges in the country. It also confirmed that TON is not licensed or authorized to operate within the UAE’s regulatory environment. The authorities urged residents and prospective applicants to rely solely on licensed firms and to consult official government portals for accurate and up-to-date program information.

The denial by the TON Foundation highlights the importance of verifying the legitimacy of crypto-related residency offers to avoid misleading markets and investors. The clarification from TON Foundation states no official partnership exists with the UAE regarding a golden visa. UAE authorities also denied the involvement, impacting perceptions and investor behavior. Pavel Durov's retweet previously fueled interest despite lacking government endorsement.

The announcement spurred a temporary 10% increase in Toncoin's value but saw a subsequent 6% drop after the backlash. Public blockchain data reflects fluctuations in staked TON transactions, indicating initial optimism followed by quick market correction due to official denials. Regulatory outcomes may include stricter scrutiny on crypto projects claiming government affiliations without proof. This event mirrors past incidents where crypto incentives for residency led to short-lived market surges, underscoring the need for transparency and confidence in official statements.

Reactions from industry figures questioned the original validity of the offer. This situation reinforces ongoing dialogue about the credibility and challenges facing the crypto industry when intersecting with government programs. The news generated significant online discussion. Changpeng Zhao, the founder of Binance, described the initial TON announcement as “aggressive/misleading marketing.” According to him, individuals can pay $1,000 in most major cryptocurrencies to an agent to submit an application for a golden visa, with no guarantees but a high chance of success if the applicant is qualified. The controversy stems from TON’s announcement of a new Golden Visa pathway for crypto investors over the weekend. The project claimed that tokens would be locked for three years using a transparent, non-custodial smart contract. This would allow users to retain ownership and earn between 3% and 4% annually. TON framed this as a more accessible route compared to traditional options, which often require real estate investments exceeding $500,000.