UAE authorities have issued a joint announcement denying misleading reports regarding a golden visa program aimed at cryptocurrency investors.
The discussion originated after Toncoin (TON), the token associated with The Open Network, introduced a staking-based Golden Visa initiative. According to TON, participants could secure long-term residency by staking cryptocurrency instead of fulfilling traditional income criteria.
In its program details, TON stated that applicants who stake $100,000 worth of TON for a three-year period, coupled with a one-time processing fee of $35,000, would qualify for a 10-year golden visa.
According to a report by WAM news agency, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have all dismissed these claims.
The three regulatory bodies cautioned the public against engaging with such unverified offers circulating online.
Update: UAE gov has confirmed you can’t get a Golden Visa by investing in crypto.
Bummer for $TON buyers, it’s ~6% down from today’s high and the news came out around an hour ago. https://t.co/G2BydgTMFJ pic.twitter.com/LXxcqyh2ZE
— Sanjay (@SanjayWeb3) July 6, 2025
The SCA stressed that investments in cryptocurrency are subject to established regulatory frameworks and do not impact the eligibility for golden visas. It advised potential investors to obtain information from reliable sources to prevent the spread of misinformation.
In a similar vein, VARA of Dubai refuted the claims regarding the golden visa program, urging crypto investors to transact only with fully licensed and regulated entities. The agency confirmed that TON is neither licensed nor regulated by VARA.
UAE Golden Visa Eligibility Excludes Crypto Investors
The ICP reiterated that golden visas are granted based on officially sanctioned criteria, which do not encompass crypto investors.
Categories eligible for such visas include real estate investors, entrepreneurs, outstanding talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
The golden visa allows foreign nationals to live, work, and study in the UAE, with validity periods ranging from 5 to 10 years. Additionally, residency can be granted to investors who maintain public investments of at least 2 million UAE dirhams (approximately $544,000).
CZ Questions TON’s Golden Visa Claims
In the wake of TON’s announcement regarding the long-term UAE visa, former Binance CEO Changpeng “CZ” Zhao took to X to express skepticism about the claims.
“I have yet to verify this with an official source,” he commented prior to the regulatory authorities’ statement.
Is this real? It would be awesome IF it is true.
But I got conflicting info so far.
Some say: this is just so that they charge you $35k to pass your application to an agent, who usually only charge $1k fee.
The website seems to give the impression that "$35k + $100k… https://t.co/u3mySnObWu
— CZ BNB (@cz_binance) July 6, 2025
“This program would be amazing if accurate,” he remarked. “If it is indeed legitimate, we would certainly seek to incorporate it into BNB as well.”
Moreover, Telegram CEO Pavel Durov amplified the speculation by sharing TON’s announcement on X, originally posted by a cryptocurrency influencer. In response to Durov’s retweet, CZ noted, “I prefer to trust, but verify.”
“I would expect something of this nature to involve a partnership or announcement from the government,” he added.
TON Experiences Market Fluctuations
The Open Network’s native token TON initially surged by 10% following the initial announcement, only to drop 6% after UAE officials debunked the claims.
On Sunday, TON reached a price of $3.05, regaining some of its previous market losses. However, this increase proved to be fleeting. According to data from Coin Market Cap, the token fell back to $2.83 within hours, trading at a 6% decline at the time of reporting.
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