07.07.2025 13:12
Speculation that staking Toncoin (TON) could secure a coveted UAE Golden Visa sent the token's price soaring over the weekend, reaching double-digit gains. However, this surge proved ephemeral. A swift and decisive intervention by senior Emirati officials quashed the rumors, leading to a sharp price correction and igniting a heated discussion about the trustworthiness of cryptocurrency-based residency programs.
The controversy erupted after the Open Network (TON) Foundation publicized a scheme promising a ten-year UAE Golden Visa to those staking $100,000 worth of TON for three years, coupled with a $35,000 processing fee. This claim, amplified by cryptocurrency influencers and even Telegram CEO Pavel Durov himself, rapidly spread across social media platforms, generating considerable excitement. The news even prompted Binance's founder, Changpeng Zhao (CZ), to publicly comment on the possibility of a similar program for Binance Coin (BNB), further escalating the buzz.
This wave of enthusiasm, however, quickly dissipated. On July 7th, a joint statement issued by the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Dubai Virtual Assets Regulatory Authority (VARA), and disseminated through the Emirates News Agency, unequivocally denied any link between digital asset staking and Golden Visa eligibility. The statement clearly articulated that Golden Visas are exclusively granted through established, government-approved channels such as substantial real estate investments, business establishment, or exceptional professional achievements.
The statement further emphasized that investments in digital assets, including Toncoin, are not eligible for the Golden Visa program and are governed by separate, stringent regulations. Critically, the statement highlighted that TON lacks licensing or regulation from VARA, making any claims to the contrary demonstrably false. To conclude, the authorities urged investors to solely rely on official government sources for residency information and to remain vigilant against misleading information circulating online.
