Recently, the United Arab Emirates (UAE) has responded to the Golden Visa claims made by The Open Network (TON), a blockchain spin-off of Telegram. TON had earlier announced a unique route to UAE residency, proposing 10-year Golden Visas to applicants who staked $100,000 worth of Toncoin (TON) for three years and paid a one-time $35,000 processing fee.
TON had confidently stated that applicants could secure their Golden Visa in under seven weeks from document submission to the Visa Office. The company also mentioned that its UAE-based partners would handle the visa processing and residency status confirmation.
However, a subsequent press release from the Emirates News Agency (WAM) clarified that The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) had jointly stated that Golden Visas are not granted to digital asset holders.
The press release emphasized that digital currency investments are subject to specific regulations and are not related to Golden Visa eligibility. WAM urged investors to obtain information from reliable, official sources to avoid misinformation or fraud. VARA also clarified that TON is neither licensed nor regulated by VARA.
Despite the controversy surrounding the Golden Visa program, TON’s proposal had initially sparked interest in the crypto community. The program had promised estimated annual yields of 3% to 4% on staked assets, an incentive for crypto investors. Furthermore, the Golden Visa would supposedly extend coverage to immediate family members, including spouses, children, and parents, without any extra cost beyond standard government fees.
However, questions have been raised about TON’s Golden Visa program, with critics noting that it isn’t an official partnership with the UAE government. In response to TON’s claims, Sigil Fund partner Joe HedgeHog stated, “3rd party provider is using TON as a proxy to help their clients get golden visa for entrepreneurs. They could have used FARTCOIN instead.”
The controversy comes as the UAE continues its push to become a leading destination for blockchain and crypto projects. Recently, the Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Centre (DIFC), approved Ripple’s RLUSD stablecoin. The country is actively positioning itself as a leader in digital finance.
