Authorities reject TON’s visa offer and warn public to trust official channels only.
UAE authorities have denied endorsing or offering Golden Visas to cryptocurrency investors, refuting claims linked to The Open Network’s (TON) visa-related program and emphasizing that digital asset investments do not qualify for residency.
UAE institutions, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), issued a joint statement rejecting suggestions that crypto investments, such as staking Toncoin, make individuals eligible for a Golden Visa.
The Golden Visa is reserved for specific categories such as real estate investors, entrepreneurs, scientists, and humanitarian workers, not crypto investors.
Launched in 2019, the UAE’s Golden Visa program offers long-term residency to attract skilled talent. It allows foreign nationals to live, work, and study in the country without a local sponsor, with visas issued for five or ten years, according to the ICP.
UAE Rejects TON Visa Claims
The Open Network (TON) recently promoted a program on its official website, suggesting that users could obtain a UAE Golden Visa by staking $100,000 in Toncoin for three years and paying a $35,000 processing fee.
In response, the Virtual Assets Regulatory Authority (VARA) clarified that TON is neither licensed nor regulated in the UAE, distancing government entities from the initiative.
Authorities urged the public to consult official sources for visa information and to exercise caution with third-party advertisements or unverified claims.
Market Reaction
Toncoin (TON) price jumped 13% to nearly $3 following news of the visa program, but gave up most of those gains after the UAE issued its official denial.
As of the time of writing, TON is trading at approximately $2.79, down 66% from its all-time high of $8.24, reached in June.
Why This Matters
The UAE maintains its role as a center for digital assets, but its immigration policies operate independently from cryptocurrency initiatives.
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