TON Foundation's UAE Golden Visa Program Faces Denial by Authorities Toncoin Price Surges 10%

The TON Foundation, the organization behind The Open Network (TON), has issued a clarification regarding its involvement in a program that could potentially grant legal residency in the United Arab Emirates (UAE). The foundation stated that it is in the early stages of developing a UAE Golden Visa program in collaboration with a licensed partner. This initiative aims to provide a pathway to UAE residency for individuals who stake a significant amount of Toncoin, the native cryptocurrency of the TON blockchain. The program, as initially described, would offer 10-year golden visas to applicants who stake $100,000 worth of Toncoin for three years and pay a one-time $35,000 processing fee. The TON Foundation claimed that this process would be managed by its UAE-based partners, ensuring a smooth transition from document submission to visa approval within seven weeks.

However, the UAE authorities have since denied any official partnership or endorsement of such a program. The Emirates News Agency released a statement clarifying that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority have jointly confirmed that golden visas are not issued to digital asset holders. The statement emphasized that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. The authorities urged investors to obtain information from credible, official sources to avoid misinformation or fraud.

The denial from the UAE authorities has cast doubt on the legitimacy of the TON Foundation's claims. Changpeng Zhao, the CEO of Binance, expressed skepticism about the new offer, questioning the authenticity of the program. Additionally, industry experts have noted that the program appears to be facilitated by third-party providers rather than being an official UAE government initiative. Sigil Fund partner Joe HedgeHog commented that the program could have been implemented using any other cryptocurrency, suggesting that TON is merely being used as a proxy by third-party providers to help their clients obtain golden visas.

The TON Foundation's announcement initially sparked a surge in Toncoin's price, with the token rising over 10% following the news. However, the subsequent denial from the UAE authorities led to a pullback in the token's value. Despite the volatility, the program highlights the growing interest in crypto-based residency programs and the UAE's efforts to position itself as a hub for blockchain and digital finance. The Dubai Financial Services Authority recently approved Ripple’s RLUSD stablecoin, and Dubai’s crypto regulator updated its guidelines to include provisions for real-world asset tokenization. These developments indicate the UAE's commitment to fostering a supportive environment for digital finance and blockchain technology.