The Open Network (TON) Foundation has recently shed light on the progress of its proposed 10-year “Golden Visa” program. This comes in response to concerns regarding its collaboration with the United Arab Emirates (UAE) government.
In a recent press release, the TON Foundation stated, “No official Golden Visa program has been launched in partnership with the UAE government, nor has any governmental endorsement been provided to TON.” The foundation further clarified that the initiative is still in its developmental stages and has not been officially launched.
The foundation emphasized their commitment to creating a compliant, blockchain-based framework that could potentially facilitate access to residency pathways. They acknowledged that any offerings would be fully compliant with all relevant laws and regulations.
On July 6, TON Foundation, the independent entity overseeing the Telegram-focused blockchain network TON, announced plans for the UAE Golden Visa program. The proposal was for investors who staked $100,000 in Toncoin (TON) for three years and paid a $35,000 processing fee to receive a 10-year visa to the UAE.
The program’s partner, Peravel, a crypto-native travel company, stated that final approval of all visa applications would remain with UAE officials. The UAE government has also pointed out that digital currency investments do not qualify for Golden Visa eligibility.
CEO of Peravel, Ehsan Sattari, reassured investors by saying, “Peravel guarantees a full refund of all fees if an application is not approved by authorities, given that all documents are accurate and genuine.”
The UAE Golden Visa offers long-term residency to foreign nationals, granting them the right to live, work, or study in the country. It also provides a set of privileges like no need for a sponsor, ability to sponsor family members, and staying outside the UAE for more than the standard six months.
As of publication time, Toncoin traded at $2.78 with a trading volume of $317.6 million in the previous 24 hours. TON’s market capitalization stands at $6.9 billion, ranking it the 22nd most valuable cryptocurrency, according to The Block’s TON Price Page.
