๐ฆ๐ช๐ฏ TON Golden Visa Program Faces Legal Backlash
On July 6, TON Foundation announced a program offering a 10-year UAE residency visa for those who stake $100,000 in Toncoin for 3 years and pay a $35,000 processing fee. The offer gained traction due to low capital requirements and a fully on-chain staking process with ~3โ4% APY.
However, UAE authorities (ICP, SCA, VARA) quickly denied the programโs legitimacy, stating that crypto investors are not eligible for Golden Visas, and that TON is not licensed in the UAE. The official Golden Visa criteria include real estate or business investments of at least 2 million AED (~$545,000) โ much higher than TON's proposal.
TONโs website continues to promote the program without acknowledging the government denial. CEO Max Crown has defended it on social media, but no official clarification has been issued as of July 7.
๐ Toncoin surged 12% after the announcement but dropped 6% following the UAE's rejection, highlighting the risk of unverified announcements in crypto markets.
โ ๏ธ Investors should be cautious. There is no evidence that TONโs program complies with UAE laws. Participation may lead to loss of funds or visa rejection. Always verify with official sources before committing.
