The TON Foundation has clarified that its proposed UAE Golden Visa initiative is not officially backed by the United Arab Emirates government and remains in early development.
Key Takeaways
- 1TON Foundation retracted earlier claims of offering UAE Golden Visas through crypto staking.
- 3The visa project is still under development with a private partner and not government-endorsed.
- 4Application approvals remain solely at the discretion of UAE immigration bodies.
What’s going on with TON and the UAE’s Golden Visa? It’s been a whirlwind. What looked like a bold leap for crypto-backed residency has turned into a serious case of miscommunication. Let’s unpack what happened and where things really stand.
TON Foundation Walks Back UAE Visa Claims
The TON Foundation, which oversees The Open Network blockchain, recently made headlines when it announced a bold new plan: a UAE Golden Visa program targeting Toncoin investors. According to the initial rollout, investors who stake $100,000 worth of Toncoin for three years and pay a $35,000 processing fee could qualify for a 10-year residency visa in the UAE.
That statement, however, drew swift pushback from major UAE regulatory bodies. Within 48 hours, the Federal Authority for Identity, Citizenship, Customs and Port Security, along with the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, issued a joint statement denying any official involvement in such a scheme. They emphasized that digital asset holdings do not qualify for Golden Visa eligibility.
TON Clarifies: No Government Partnership
In a blog post published shortly after the backlash, the TON Foundation clarified its position.
“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 foundation stated.
According to TON, the effort is a private initiative with a licensed partner and remains in the early stages of development. The project is designed to explore how blockchain-based frameworks could one day support legal residency pathways. However, any such offering would be subject to UAE laws and require approval from the proper authorities.
Peravel’s Role and Refund Promise
The foundation’s partner in the initiative, a travel firm named Peravel, has added further clarification. Speaking to The Block, CEO Ehsan Sattari said:
“We want to emphasize that Peravel guarantees a full refund of all fees if an application is not approved by authorities, provided all documents are accurate and genuine.”
Sattari also pointed to Peravel’s past experience with residency programs, claiming over 95 percent approval rates for its clients in similar visa services like the UK 10-Year Visa.
UAE Golden Visa: A Highly Sought Residency
The UAE Golden Visa allows long-term residency for foreign nationals and offers benefits such as:
- No need for a local sponsor
- Ability to sponsor family members
- Stay outside the UAE longer than six months without invalidating the visa
But to qualify, applicants usually must meet specific criteria like property ownership, entrepreneurship, public investments, or recognized specialized talents in areas like science, sports, or the arts.
Crypto investments, according to UAE officials, do not currently meet those criteria.
CoinLaw’s Takeaway
While the initial buzz suggested that crypto could soon be a ticket to long-term UAE residency, regulatory realities quickly caught up with the hype. The TON Foundation’s retraction and the firm stance from UAE authorities highlight an important truth: national immigration policies are strictly controlled and not open to interpretation or third-party promises, no matter how innovative.
For now, the idea of a blockchain-enabled Golden Visa remains speculative and unofficial. Anyone considering such opportunities should proceed with caution and verify with government sources before taking action.
