UAE Denies TON Cryptocurrency Stake for Golden Visa Eligibility

The United Arab Emirates (UAE) has officially dismissed claims that holding a stake in the TON cryptocurrency qualifies investors for a 10-year Golden Visa. This clarification comes after a joint statement from the UAE's International Cooperation for the Prevention of Money Laundering and Terrorism Financing (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA). The statement emphasized that digital asset investments do not count as eligibility criteria for the Golden Visa program, urging the public to verify information through official sources to avoid misinformation or fraud.

This clarification followed online reports that TON holders could access a fast-tracked Golden Visa path. The program allegedly allowed applicants to stake $100,000 in TON for three years, promising investors full asset control via a decentralized smart contract and 3% to 4% annual yields during the staking period. Besides the investment, applicants would pay a one-time government fee of $35,000. The scheme also promised visa coverage for spouses, children, and even parents, with the total process reportedly taking under seven weeks, much faster than traditional visa routes.

VARA firmly stated that the TON Foundation is not licensed or regulated under its framework, casting serious doubt on the validity of the proposed program. Despite public endorsements from crypto influencers and TON executives, the lack of legal backing from UAE regulators has raised concerns about promotional overreach in the crypto industry. TON Foundation CEO Max Crown had called it a “groundbreaking initiative,” celebrating it as a gateway for global crypto users. Social media amplified the announcement, generating widespread excitement among digital nomads and Web3 investors.

The denial has sparked criticism and raised concerns about promotional overreach in the crypto industry. Authorities stressed that digital asset investments follow different legal frameworks and remain unrelated to visa eligibility. The UAE attracts crypto firms with rules and tax incentives, notably exempting crypto transactions from the 5% VAT, retroactive from 2018. Dubai’s vibrant blockchain ecosystem also draws global talent and investors. However, this latest dispute emphasizes the importance of differentiating between innovation and regulation. Crypto companies should wait for regulatory clarification before introducing financial initiatives that affect immigration laws.

The UAE's clarification on the Golden Visa program is a step towards ensuring that the region continues to be an attractive destination for foreign talent and investment, while also safeguarding the interests of its residents and stakeholders. The denial of the TON-based Golden Visa serves as a reminder of the volatility and uncertainty that can arise in the crypto market. Investors and stakeholders must remain vigilant and rely on credible sources of information to navigate the complexities of the crypto landscape. The UAE's Golden Visa program is designed to attract foreign talent, investors, and entrepreneurs by offering long-term residency and various benefits, contributing to its economic growth and diversification. However, the recent confusion over the TON-based Golden Visa has underscored the need for clear communication and transparency from authorities to maintain the program's credibility and effectiveness.