UAE Says No to Golden Visas for Toncoin Investors

TON’s New Residency Offer Raises Eyebrows in UAE

The Open Network (TON), a blockchain project connected to Telegram, recently introduced a bold offer. It promised a path to a 10-year golden visa in the United Arab Emirates. The offer required applicants to stake $100,000 worth of Toncoin for three years. It also involved a one-time processing fee of $35,000. TON claimed this process would be completed in under seven weeks, starting from when documents were submitted to the visa office.

TON shared that UAE-based partners would handle the entire process. These partners were said to be responsible for document handling, residency confirmation, and visa processing. The offer included benefits for immediate family members. Spouses, children, and even parents could be added without extra costs besides normal government charges. The staking program also came with annual yields of around 3% to 4%, which added appeal for crypto investors.

Shortly after the announcement, the Emirates News Agency published a formal news release. Three regulatory agencies in the United Arab Emirates were consulted: the Virtual Assets Regulatory Authority (VARA), the Securities and Commodities Authority, and the Federal Authority for Identity, Citizenship, Customs, and Port Security. The notion that one may obtain a golden visa by possessing digital assets was rejected by these officials. They clarified that anyone who owns or invests in cryptocurrencies is not eligible for a UAE golden visa.

Source: X

No License for TON in the UAE

Additionally, according to VARA's framework, TON is neither a licensed or regulated company. This calls into question the offer's validity. TON's staking program is riskier than it first seems if VARA doesn't recognize it. Regarding visas and investment programs, the authorities advised the public to always trust official sources. They spoke about the dangers of frauds and false information.

While TON stated that assets would remain under the applicant’s control through a decentralized smart contract, this detail does not impact visa eligibility. The smart contract is visible and verifiable on the TON blockchain. However, none of that matters if the offer itself does not align with government policy. Official UAE immigration and virtual asset laws do not currently support the offer.

Source: X

This instance demonstrates the increasing conflict between cutting-edge cryptocurrency initiatives and established regulatory frameworks. TON is attempting to develop new applications for its blockchain on the one hand. In contrast, official agencies are working to maintain legal clarity and public safety. Investors who are interested in the UAE Golden Visa program can check information directly with government websites or qualified immigration consultants. Offers involving large sums of bitcoin should be treated carefully.

Final Thoughts

Many people in the cryptocurrency sector found TON's announcement to be appealing. It looked like a good deal to combine family benefits, passive income, and a fast-track visa. However, it is unknown and even dangerous due to the absence of regulatory approval. The UAE does not currently provide golden visas in return for cryptocurrency staking. The best course of action is to keep an eye on this area while remaining informed from reliable sources.