Binance founder Changpeng Zhao has raised doubts about Toncoin's recent claims regarding UAE's Golden Visa initiative related to cryptocurrency investment. While he praised the idea as 'great if true,' Zhao emphasized the importance of regulatory clarity and government approval.
According to Zhao's post on X, the initiative driven by Toncoin has shown some inconsistent signs. Some stores report forwarding visa applications that have paid fees, while other stores say it is only RAK DAO and not related to the federal authorities in the UAE.
The program presented on the Toncoin page and promoted by Telegram CEO Pavel Durov is not mentioned anywhere on the official UAE government websites. To emphasize this point, Zhao highlighted that such a program would require good licensing from agencies like VARA, ADGM, or SCA, none of which currently accept TON.
UAE Authorities Reject Electronic Visa Application, Public Warning
After information circulated online, UAE regulators issued a joint statement denying the existence of any Golden Visa pathways based on cryptocurrency. This statement came from the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), SCA, and VARA.
Regulatory bodies explain that the Golden Visa can only be granted to certain groups and categories, such as real estate investors, scientists, humanitarian contributors, and individuals with extraordinary talent. Approved pathways will not include cryptocurrency investment.
VARA also noted that Toncoin is not licensed or regulated in Dubai. Citizens and those interested in immigration, as investors, are encouraged to dispel misinformation and only approach government-approved channels to seek immigration-related services.
BNB Residency Program Can Continue With Full Legal Support
In discussions, a user on X suggested that Binance consider a similar residency model based on staking BNB. Zhao responded positively, stating that if such a framework is fundamental and legally recognized, Binance would consider this possibility.
Although Toncoin's announcement appeared to stir market reaction and cause a temporary price increase, UAE regulators ultimately clarified. This brought the debate back to the issue of regulatory compliance before such actions could begin.
Zhao's cautious optimism suggests that the cryptocurrency sector will be interested in legal residency status based on blockchain. However, the swift denial by the UAE government serves as a reminder that regulatory approval is crucial to gain credibility and public trust.