UAE Denies Ton Foundation's 10-Year Golden Visa Offer

The United Arab Emirates (UAE) has officially dismissed rumors circulating about the Ton Foundation's offer of a 10-year Golden Visa in exchange for staking $100,000 worth of Toncoin (TON). The rumors suggested that individuals could secure a Golden Visa by staking the specified amount of TON tokens for three years and paying a one-time processing fee of $35,000. However, the UAE government has not issued any official statement or press release confirming these claims, leading to skepticism from industry figures, including Changpeng Zhao, the founder of Binance.

Changpeng Zhao, commonly known as CZ, expressed his doubts about the legitimacy of the offer. He pointed out the absence of an official government announcement and the unusually high processing fee of $35,000, which is significantly higher than the typical cost of around $1,000 for Golden Visa applications through agents. CZ also highlighted the regulatory requirements for staking activities, which would necessitate the Ton Foundation to obtain licenses from local regulators such as the Virtual Assets Regulatory Authority (VARA), the Securities and Commodities Authority (SCA), and the Abu Dhabi Global Market (ADGM). The lack of such regulatory approvals further casts doubt on the validity of the claims.

CZ's skepticism is not unfounded, given the increasing scrutiny from global regulators on crypto staking activities. For instance, the U.S. Securities and Exchange Commission (SEC) has delayed the approval of Bitwise's Ethereum ETF staking application, indicating a cautious approach towards such financial instruments. CZ's stance reflects a broader trend of regulatory caution and the need for official validation before accepting such offers at face value.

Despite the rumors, CZ has indicated that if the offer were legitimate, he would explore the possibility of including Binance Coin (BNB) in a similar staking program for visa seekers. This move would align with Binance's extensive links to the UAE, where CZ holds citizenship and where Binance has obtained regulatory approvals from VARA and ADGM. The potential inclusion of BNB in such a program could further solidify Binance's presence in the region and provide additional incentives for investors and stakeholders.

The Ton Foundation's proposal, if genuine, would represent a significant development in the crypto industry, offering a pathway to residency through cryptocurrency investments. However, the lack of official confirmation and the regulatory hurdles involved make it a speculative offer at best. The crypto community and industry leaders like CZ are awaiting official statements from the UAE government to validate these claims and provide clarity on the matter. Until then, the rumors remain just that—rumors.