US Commerce Secretary Howard Lutnick said that about 70,000 people had signed up for the US gold card.
The foundation behind The Open Network (TON) has released a statement to clarify its role in a program that could have led to legal residency in the United Arab Emirates (UAE). TON says the move is an independent initiative with no official backing from the UAE government.
In a blog, the foundation said, “TON Foundation is aware of the premature announcement that circulated on X regarding a UAE Golden Visa initiative offered by TON. While we understand the community’s interest and enthusiasm, it’s necessary to provide clarity.”
According to the TON Foundation, it is still in the early stages of development with an approved partner to look into making a UAE Golden Visa. The group also said that any authority for the program rested entirely with the UAE government entities and was subject to applicable laws and regulations.
“To clarify, no official Golden Visa program has launched in partnership with the government of the United Arab Emirates, nor has any governmental endorsement been granted to TON,” the official statement reads.
TON Foundation supports the UAE’s joint statement
Initially, TON announced on the Toncoin website, claiming that holders could apply for the country’s ten-year Golden Visa by staking at least $100,000 worth of the cryptocurrency for three years and paying a one-time processing fee of $35,000.
The story also got traction after Telegram CEO Pavel Durov retweeted an X post with details of the program.
The announcement prompted a quick response from the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority and the Virtual Assets Regulatory Authority. They published a joint statement saying that the visas were not being issued to digital asset holders.
TON has reacted to the UAE response saying, “We fully support the joint statement issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), which confirms that no digital residency or investment visa initiatives have been formally approved or launched in partnership with the UAE government.”
This is the second time that Pavel Durov has announced a project prematurely. In May, the Telegram founder said that Telegram had partnered with Elon Musk’s xAI. Soon after, Musk clarified that the deal had not yet been signed.
Golden visa eligibility
The UAE government created the golden visa in 2019 as a long-term stay visa to bring skilled people to the area. According to the Federal Authority for Identity, Citizenship, Customs, and Port Security, foreigners can live, work, and study in the UAE without needing a national sponsor. The visas last for five to ten years.
Users must meet strict requirements, such as having certain skills, like being a doctor, scientist, or researcher. Also, entrepreneurs and investors who own a tech-based startup that has been listed and is recognized by the UAE government can also apply.
Meanwhile, there is no word on whether the TON Foundation will work with the UAE government in the future. Its offer of a golden visa for $100,000 in signed Toncoin could be a lot cheaper than the usual ways to get one through official channels, which usually require a minimum investment of $540,000 in illiquid assets.
Other countries have made it possible to become a resident by making big investments, but these investments haven’t always been tied to cryptocurrencies like Bitcoin.
In Portugal, investors holding more than $500,000 in crypto could obtain citizenship through the country’s Golden Residence Permit Program, a five-year residence-by-investment program for non-EU nationals.
President Donald Trump of the United States announced a “gold card” program in February. This program would give investors who pay at least $5 million permanent residency in the United States. US Commerce Secretary Howard Lutnick said that as of June 17, about 70,000 people had signed up for the project.
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