Authorities stated that cryptocurrencies do not guarantee a visa and warned about the risk of fraud in unofficial advertisements.
Authorities in the United Arab Emirates (UAE) denied on Sunday (6) that investors in Toncoin (TON) could obtain a Golden Visa (residency visa granted to foreigners who invest in the country) through staking the cryptocurrency. The information was released in a joint statement published by the Emirates News Agency, debunking recent claims made by the TON Network.
This is because on Saturday (5), the TON — network associated with Telegram — announced on its official website a supposed program that would allow obtaining a 10-year Golden Visa in the Emirates. According to the publication, one would only need to maintain $100,000 in TON staking for three years and pay a fee of $35,000 to start the process.
The news spread rapidly on social media, causing a spike in the cryptocurrency price. Toncoin surged from $2.70 to $3 in just a few hours, along with a 24-hour volume more than 250% above the average of the last 30 days, according to Coindesk.
However, three official bodies of the United Arab Emirates — the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) — clarified that this type of offer does not exist within the official immigration structure of the country.
On this Monday (7), TON fell by 5%, trading at $2.79.
Golden Visa does not cover cryptocurrencies.
The ICP emphasized that the Golden Visa is granted only to specific categories, such as real estate investors, entrepreneurs, exceptional talents, scientists, outstanding students, frontline workers, and humanitarian volunteers. Investors in digital assets are not included in the list.
The SCA reaffirmed its commitment to international standards of transparency and regulation in the financial sector, emphasizing that the eligibility rules for visas are separate from the regulations governing the cryptocurrency market.
VARA, responsible for overseeing the virtual assets sector in Dubai, also denied any visa granting program linked to cryptocurrency staking and warned that TON does not have a license to operate in the Emirates. The agency reinforced that only regulated companies can offer services related to crypto assets and that all visa applications must follow the procedures defined by the competent authorities.
Repercussions in the crypto community.
The announcement from TON caused an immediate reaction in the crypto community. Bobby Ong, co-founder of CoinGecko, even praised the proposal as 'an incredible story' but expressed concern about the possibility of it being a short-term scheme.
Other analysts were more skeptical. Joe HedgedHog, from the Sigil fund, stated that the proposal came from a third-party law firm, which uses TON as an intermediary in applications for the Golden Visa under the entrepreneur category. According to him, the staking requirement is merely a ploy to promote the cryptocurrency.
Iván Gbi, from Gearbox Protocol, classified the campaign as 'deceptive', pointing out that the $35,000 charged would be retained by the law firm, regardless of the visa approval — which follows government criteria and does not guarantee any advantage for TON holders.
Even the former CEO of Binance, Changpeng 'CZ' Zhao, commented on the case. In posts on X, he expressed interest in the proposal but warned about the lack of official recognition of the program. CZ also noted that staking is a regulated activity in the Emirates, and that TON may not have the necessary licenses.
Warning against fraud.
In light of the controversy, authorities in the Emirates recommended caution to the public and investors. The official statement urges that information about immigration and visas be sought only from government websites and authorized channels to avoid fraud or false promises spread on the internet.
The repercussions of the case highlight the importance of information verification, especially in a market as susceptible to speculation as that of cryptocurrencies. Even projects associated with popular names, such as the TON Network and Telegram, are not immune to offering products with exaggerated or confusing claims — something that can lead to losses or frustration for misinformed investors.