UAE Refutes TON's Crypto-Based Golden Visa Claims

By: Isha Das

The United Arab Emirates (UAE) authorities have formally dismissed recent claims suggesting that investors in digital assets could qualify for the country's prestigious Golden Visa program. The announcement comes on the heels of widespread rumors fueled by The Open Network (TON), a blockchain initiative linked to Telegram, which purported a pathway to UAE residency for crypto investors.

Amid the buzz around this alleged new residency option, governmental bodies, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), jointly issued a statement. The document unequivocally declared that digital asset holders do not meet the stringent criteria required for the Golden Visa, which remains reserved for entrepreneurs, investors in specific sectors, scientists, and individuals who exhibit exceptional talents.

TON had advertised that investors could stake $100,000 worth of their coins, along with a $35,000 processing fee, to secure a 10-year Golden Visa. The project claimed that through staking, individuals would lock their tokens in a transparent, non-custodial smart contract for three years, receiving potential annual returns of up to 4%. However, this approach was labeled as "aggressive" and "misleading" by notable figures, including Binance's founder, Changpeng Zhao, who criticized the marketing strategy on social media.

Furthermore, in response to these misleading claims, the UAE government encourages residents and interested parties to rely only on officially sanctioned sources for information regarding such significant offerings. With virtual assets being governed separately from the visa program, UAE authorities emphasize the importance of ensuring compliance with established regulatory standards, thus safeguarding the credibility and stability of the region's digital asset ecosystem.