UAE regulators confirm that staking Toncoin does not qualify for a Golden Visa, dismissing claims made by the TON Foundation.
Despite TON’s promotional efforts, UAE authorities clarified that digital asset investments are unrelated to residency programs.
VARA emphasized that TON is not licensed under its framework, urging investors to rely only on official sources for Golden Visa information.
UAE officials have denied recent claims that Toncoin staking qualifies investors for a 10-year Golden Visa. A joint statement from the ICP, SCA, and VARA clarified that crypto investments do not count as eligibility criteria. They urged the public to verify information through official sources to avoid misinformation or fraud.
This clarification followed online reports that TON holders could access a fast-tracked Golden Visa path. The program allegedly allowed applicants to stake $100,000 in TON for three years. Moreover, it promised investors full asset control via a decentralized smart contract. It also offered 3% to 4% annual yields during the staking period.
Besides the investment, applicants would pay a one-time government fee of $35,000. Additionally, the scheme promised visa coverage for spouses, children, and even parents. The total process would reportedly take under seven weeks, which is much faster than traditional visa routes.
TON Foundation Faces Regulatory Pushback
However, VARA firmly stated that the TON Foundation is not licensed or regulated under its framework. Hence, the proposed program lacks legal backing from UAE regulators. This casts serious doubt on its validity, despite public endorsements from crypto influencers and TON executives.
TON Foundation CEO Max Crown had called it a “groundbreaking initiative,” celebrating it as a gateway for global crypto users. Social media amplified the announcement, generating widespread excitement among digital nomads and Web3 investors.
Consequently, the denial has sparked criticism and raised concerns about promotional overreach in crypto. Authorities stressed that digital asset investments follow different legal frameworks and remain unrelated to visa eligibility.
UAE Remains Crypto-Friendly but Regulated
The UAE attracts crypto firms like Binance and Crypto.com with rules and tax incentives. Notably, it recently exempted crypto transactions from the 5% VAT, retroactive from 2018. Dubai’s vibrant blockchain ecosystem also draws global talent and investors.
Nonetheless, this latest dispute emphasizes how crucial it is to differentiate between innovation and regulation. Crypto companies should wait for regulatory clarification before introducing financial initiatives that affect immigration laws.
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