The TON Foundation Denied Media Reports Stating That They Have Entered a Deal With the UAE
After being bombarded by a confusion-filled weekend regarding a cryptocurrency-based Golden Visa program in the United Arab Emirates (UAE), the manager of the TON Foundation has released an official statement that says no such program was sanctioned or endorsed by the government of the United Arab Emirates.
A blog post published Monday by the foundation behind The Open Network (TON) states that it is in the “early stages of development” with a licensed partner to explore a possible UAE Golden Visa offering. Still, it was clarified that any issuance of a visa is a prerogative of UAE government entities and would be subject to their laws.
In an official statement, the foundation stated, “To clarify, no official Golden Visa program has launched in partnership with the government of the United Arab Emirates, nor has any governmental endorsement been granted to TON.”
Government Denial and Community Confusion
Just two days after the launch of a 10-year UAE Golden Visa program for digital asset holders, TON also made the announcement. The plan in question grants residency to those willing to stake a minimum of $100,000 worth of Toncoin for three years and pay a $35,000 fee. This is much cheaper than existing official visa programs, which have a set minimum ($540,000) to invest in illiquid assets.
The news started making rounds after Telegram CEO Pavel Durov retweeted an X (previously Twitter) post promoting a so-called visa. The viral social media post indicated that the visa will also include spouses and family members, offering a golden opportunity for crypto investors.
However, the claim prompted swift backlash. 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 public announcement denying the announcement. No golden visa program relating to crypto or TON has been approved or started, they confirmed.
TON’s Response and Government Support
According to the UAE’s joint statement, the TON Foundation respects local regulations and supports the authorities’ clarification.
According to a statement issued by the foundation, “We back the joint ICP, SCA and VARA statement that no digital residency or investment visa initiatives have been officially approved or launched in partnership with the UAE.”
The crypto-linked Visa concept was proposed recently. It drew a lot of attention from the blockchain community. However, TON said that the talks are all unofficial and exploratory for now. It is still not clear whether the foundation will work with the UAE authorities.
The Golden Visa Trend Is Picking Up Steam Globally
Residency-by-investment programs — called “Golden Visas” — are nothing new. Portugal and other nations have already launched programs that allow investors to get residency for making sizable investments, including crypto. Owning $500,000 in crypto assets in Portugal can give citizenship under its Golden Residence Permit Program. It seems too good to be true, but it is. Furthermore, the country is known for its early endorsement of cryptocurrencies.
Also, Donald Trump, former President of the US, announced the “Gold Card” program this year, which will cost $5,000,000 to get permanent status. According to U.S. Commerce Secretary Howard Lutnick, by mid-June, around 70,000 people had signed up.
A Developing Story
At this time, the TON Foundation and the UAE government do not have an official partnership to launch any visa program. Though crypto-inspired residency programs are gaining a lot of buzz across the globe, their legitimacy depends on regulatory approval.
We will have to wait for the future to see whether the efforts of the TON Foundation in the early stages will create an offering backed by the government. As of now, investors and crypto enthusiasts are encouraged to depend solely on confirmed statements from the relevant UAE authorities about the Golden Visa.
