UAE Denies TON Golden Visa Claims
Reports surfaced suggesting a pathway to a 10-year UAE Golden Visa through staking $100,000 worth of Toncoin (TON) and a $35,000 processing fee. This sparked immediate scrutiny, particularly from Binance CEO Changpeng Zhao ("CZ").
CZ Questions TON Golden Visa Program
CZ publicly questioned the legitimacy of the program on X (formerly Twitter), citing a lack of official announcements from UAE government sources. He emphasized the absence of information on which government entity, if any, had approved such a program. While Telegram CEO Pavel Durov appeared to confirm the news via a re-post, CZ maintained his skepticism, stating his preference for "trust but verify."
UAE Regulators Issue Denial
Following the initial reports, UAE regulatory bodies, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Asset Regulatory Authority (VARA), issued a joint statement unequivocally denying the existence of such a program. The statement clarified that Golden Visas are awarded based on pre-defined criteria, which explicitly do not include cryptocurrency investment. Eligible categories were listed as real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
VARA further urged investors to engage only with fully licensed and regulated companies for virtual asset services and investments.
Impact on TON Price
Despite the subsequent denial, the initial announcement caused a significant 11% surge in TON’s price within hours, according to CoinMarketCap. This highlights the market’s sensitivity to such news, even if ultimately unsubstantiated.
UAE's Crypto Hub Status
The UAE has been actively promoting itself as a leading hub for cryptocurrency and blockchain technology, creating a favorable regulatory environment. This is evidenced by initiatives such as the Machine Economy Free Zone, a collaboration with layer-1 blockchain peaq, and the launch of Dubai's first licensed tokenized real estate project in the MENA region. This proactive approach to fostering blockchain innovation contrasts sharply with the swift denial of the TON Golden Visa claims.
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