UAE Officially Denies TON Golden Visa Program

Key Takeaways

• UAE officially denies: UAE government agencies have rejected claims about the golden visa program through TON
• No partnership exists: TON is neither licensed nor regulated by VARA and has no official partnership with the UAE government
• Controversial program: TON proposed 10-year golden visas with $100,000 TON stake, 80% lower than traditional requirements
• Positive market reaction: TON price surged over 10% after announcement despite UAE’s rejection
• UAE remains crypto-friendly: The country continues to develop as a blockchain and digital finance hub

Update: UAE Denies TON Golden Visa Claims

After TON claimed a staking program would offer golden visas for holders to enter the United Arab Emirates, the country’s news agency shot down the idea of such a partnership.

This article has been substantially updated to include the denial from the UAE press office.

The Open Network (TON), which is the blockchain platform originally developed by Telegram, just dropped a new way to get UAE residency. You can now snag a 10-year Golden Visa by staking $100,000 in Toncoin for three years, plus a $35,000 processing fee.

TON is saying the whole application process, from handing in your documents to getting that visa approval, could be done in under seven weeks. And UAE-based partners will be handling all the processing and confirmation of your residency.

Official Response from UAE

However, Emirates News Agency (WAM) recently clarified in a later press release that The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have issued a joint statement that golden visas are not issued to digital asset holders.

“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It asked investors to obtain information from credible, official sources to avoid misinformation or fraud,” according to WAM.

According to the press release, VARA also clarified that the company TON is neither licensed nor regulated by VARA.

Original Program Details

According to TON’s initial claim, applicants would retain asset control during staking through a decentralized smart contract verifiable on-chain. The program also promised estimated 3% to 4% annual yields on staked assets.

The proposed Golden Visa would cover immediate family members including spouses, children, and parents. No additional costs beyond standard government fees were mentioned for family inclusion.

TON Lowers Golden Visa Entry Cost by 80%

Conventional UAE Golden Visa routes typically require minimum $540,000 investments in illiquid assets. TON’s program contrasted sharply by suggesting just $100,000 in staked TON.

“The entry is 5x lower than an equivalent real estate/FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option,” Bobby Ong, co-founder of CoinGecko, wrote on X.

Market Reaction and Expert Opinions

Following the announcement, Toncoin’s price surged over 10% despite the UAE’s rejection. At writing time, the token trades around $2.98, showing 8% daily gains though still down 60% annually per CoinMarketCap data.

Some experts questioned the program’s significance since it lacked official UAE backing. Sigil Fund partner Joe HedgeHog commented on X: “A 3rd party provider is using TON as a proxy to help their clients get golden visas for entrepreneurs. They could have used FARTCOIN instead.”

UAE to Cement Status as Blockchain Hub

The United Arab Emirates is significantly enhancing its position as a global leader in blockchain technology. Discussions regarding crypto-based residency programs are currently underway, reflecting a notable advancement. This aligns with recent developments, including the Dubai Financial Services Authority’s (DFSA) approval of Ripple’s RLUSD stablecoin and the Virtual Assets Regulatory Authority’s (VARA) updated regulations for tokenizing real-world assets.

Legal expert Irina Heaver said that these new regulations establish a “clear path” for the substantial growth of tokenized real estate. Furthermore, over 600 crypto companies have established operations within the Dubai Multi Commodities Centre free zone, with additional firms setting up in key financial districts. These indicators collectively demonstrate the UAE’s commitment to leading the digital finance revolution.

Meanwhile, the Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.