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.

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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.

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The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) stated unequivocally that the country’s golden visa issuance does not extend to digital currency investors. The visas are strictly allotted within specific frameworks, mainly for “real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.”

In response to TON’s announcement of a program offering UAE Golden Visas through a $100,000 staking of TON tokens for three years, along with a $35,000 processing fee, VARA made it clear that TON is neither licensed nor regulated by the authorities.

The SCA reinforced its dedication to global financial sector regulation standards, stressing that “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”

The three authorities encouraged the public to exercise prudence and to rely on official government websites for accurate visa requirement information. They also cautioned against engaging with unauthenticated advertisements or offers circulating on the internet.

It’s worth noting that TON did not claim to partner with the UAE government. The program is essentially a third-party service utilizing TON’s token, Toncoin, to aid customer qualification.

Following the program’s initial announcement, Toncoin surged 13% to over $3, but fell to $2.8 after the authorities’ clarification, according to TradingView data.

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“Get your Golden Visa in less than 7 weeks following document submission to the Visa Office,” stated TON on Saturday. The company also assured that UAE-based associates would handle the visa processing and residency status verification. It’s worth noting that applicants will maintain control of their stakes via a decentralized smart contract that can be verified on the TON blockchain.

In addition to the visa, the program also offers an estimated annual yield of 3% to 4% on the staked assets, providing added motivation for crypto investors. Their Golden Visa includes coverage for immediate family members like spouses, children, and parents, with no extra charges other than standard government fees.

The usual UAE Golden Visa routes require a minimum investment of $540,000 in non-liquid assets. TON’s scheme, on the other hand, brings down this entry point by 80%, requiring only $100,000 in staked TON.

Following TON’s announcement, Toncoin’s price saw a surge of over 10%. However, despite the recent increase, the token’s value remains down by over 60% compared to the previous year, as per CoinMarketCap data.

This crypto-based residency program is a reflection of UAE’s ambition to become a leading destination for blockchain innovation. The country has seen a surge in crypto companies setting up shop, thus strengthening its position as a digital finance leader.

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