- UAE authorities denied any link between Toncoin staking and the Golden Visa program.
- Binance’s CZ and experts raised doubts over TON’s unusually low visa investment requirements.
Toncoin [TON] recently made headlines after a sharp two-hour surge of over 12% on the 8th of July, fueled by buzz surrounding a supposed new residency pathway in the UAE.
The Open Network claimed that individuals could obtain a 10-year UAE Golden Visa by staking $100,000 in Toncoin for three years, along with a $35,000 processing fee.
This announcement initially sparked high trading volumes and investor enthusiasm.
However, the excitement was short-lived as Toncoin’s price soon retraced by 6%.
UAE dismissed TON’s Golden Visa claims
The pullback followed swift clarification from UAE authorities, who dismissed the staking-for-visa claims, putting the brakes on the token’s momentum.
Key UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA)—have firmly denied any arrangement linking Toncoin staking to the country’s Golden Visa program.
In an official statement, the ICP clarified that Golden Visas are granted under well-defined and government-sanctioned categories, none of which include cryptocurrency investors.
Eligible recipients, according to current guidelines, are typically real estate investors, entrepreneurs, exceptional talents, scientists, outstanding students, humanitarian leaders, and frontline workers.
This clarification effectively debunked the notion that staking digital assets like Toncoin could be a gateway to UAE residency.
Binance’s founder also questioned its legitimacy
Adding to the skepticism, Binance founder Changpeng Zhao (CZ) also publicly questioned the credibility of The Open Network’s Golden Visa offer.
Highlighting inconsistencies, CZ noted that standard UAE Golden Visa applications typically cost around $1,000 when processed through authorized agents, far less than the $35,000 processing fee tied to TON staking.
According to his sources, staking activities in the UAE fall under regulatory oversight, and any such initiative would require proper licensing from bodies like VARA, SCA, or ADGM.
CZ added,
“There are no official government websites with the stake TON for the golden visa update. This program would be awesome if it were true.”
As expected, CZ’s concerns highlighted the need for clear, verified information before promoting high-stakes token utility programs.
What’s more?
Another reason for the skepticism surrounding TON’s residency offer was the glaring difference in investment requirements compared to traditional UAE Golden Visa routes.
Normally, applicants must invest at least $540,000 in illiquid assets like real estate or long-term business ventures.
In contrast, TON offered the same 10-year residency in return for just $100,000 worth of staked tokens, an unusually low threshold that sharply deviated from established norms.
This stark disparity triggered red flags among observers, who questioned the program’s legitimacy and emphasized the urgent need for regulatory clarity in crypto-driven initiatives.
Remarking on this, Bobby Ong, co-founder of CoinGecko, said,
“The entry is 5x lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option.”
At press time, TON was trading at a 2.23% decline after somewhat stabilizing after this news, sitting at $2.81 per CoinMarketCap.
