UAE Denies TON’s Golden Visa Claims Amid Controversy
- The Open Network (TON) proposed a residency pathway in the UAE, offering a 10-year Golden Visa for staking $100,000 worth of Toncoin (TON).
- Applicants would pay a one-time processing fee of $35,000 and could secure the visa in under seven weeks.
- The UAE’s Emirates News Agency clarified that golden visas are not available to digital asset holders and emphasized specific regulations governing digital currency investments.
- VARA stated that TON is neither licensed nor regulated by them, contradicting TON’s claims about their program.
- Conventional routes for a UAE Golden Visa typically require investments of at least $540,000 in illiquid assets.
This development comes as the UAE aims to position itself as a leader in blockchain and crypto projects, with over 600 crypto companies already operating within its free zones. The clarification from UAE authorities highlights the importance of regulatory compliance for crypto-related initiatives.
Despite TON’s lower entry cost for residency at $100,000 compared to traditional methods, the lack of official government endorsement raises significant concerns regarding its legitimacy.(Source)
