TON's UAE Golden Visa Program Denied by Authorities

The Open Network (TON), a blockchain platform originally developed by Telegram, recently announced a new pathway to UAE residency. The program, which offers 10-year Golden Visas, requires applicants to stake $100,000 worth of Toncoin (TON) for three years and pay a one-time $35,000 processing fee. The program was designed to attract crypto investors by offering estimated annual yields of 3% to 4% on staked assets and extending coverage to immediate family members, including spouses, children, and parents, at no additional cost beyond standard government fees.

However, the UAE press office has since denied these claims. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement clarifying 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. It also urged investors to obtain information from credible, official sources to avoid misinformation or fraud.

According to the original claim, applicants would retain control of their assets during the staking period through a decentralized smart contract verifiable on the TON blockchain. The program was designed to offer a significantly lower entry point compared to conventional UAE Golden Visa routes, which usually demand a minimum $540,000 investment in illiquid assets. This lower entry point was expected to attract the attention of crypto investors, particularly those with significant holdings.

Despite the denial from the UAE press office, the announcement initially sparked interest in the crypto community. Some analysts noted that the program could attract the attention of "whales" or large crypto investors, given its lower entry cost. However, others raised doubts about the significance of TON’s Golden Visa program, noting that it wasn’t an official partnership with the UAE government. Some even suggested that the program could have been implemented using a different cryptocurrency.

The UAE has been actively positioning itself as a hub for blockchain and crypto projects. Last month, the Dubai Financial Services Authority approved Ripple’s RLUSD stablecoin. In May, Dubai’s crypto regulator updated its guidelines to include provisions for real-world asset (RWA) tokenization, providing a clear path for issuers and exchanges to launch and trade tokenized real estate assets. The Dubai Multi Commodities Centre free zone has also attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country aims to lead in digital finance.

In summary, while TON’s Golden Visa program initially generated interest and excitement within the crypto community, the UAE press office has since clarified that such a program does not exist. The UAE continues to push for its status as a blockchain hub, with various regulatory updates and approvals aimed at attracting crypto and blockchain projects. However, the denial of TON’s Golden Visa program serves as a reminder for investors to verify information from official sources and be cautious of potential misinformation or fraud.