- UAE regulators confirm crypto staking does not qualify for Golden Visa
- TON is not licensed by VARA; visa eligibility must follow official criteria
- Binance founder CZ questions the legitimacy of the program
UAE regulators have denied claims that staking Toncoin (TON) qualifies investors for the country’s Golden Visa program. The clarification comes after a controversial announcement from the TON community drew global attention and skepticism from crypto figures, including Binance co-founder founder Changpeng “CZ” Zhao.
TON’s Golden Visa Claims
Over the weekend, news broke that the TON network has a new initiative allowing individuals to obtain a 10-year UAE Golden Visa by staking $100,000 worth of TON for three years, plus a $35,000 processing fee.
Related: BREAKING: Toncoin Partners with UAE to Offer Golden Visa, Driving TON Price Up 10%
The platform promoted it as a crypto-native alternative to traditional residency routes, claiming faster approval times and simplified eligibility. The offer gained traction across social media and crypto forums, causing TON’s price to surge 10%.
UAE Authorities Deny TON Visa Offer
Meanwhile, on July 6, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement denying any official link between TON staking and Golden Visa eligibility.
The ICP confirmed that crypto investors are not part of the approved visa categories. Specifically, approved categories include real estate investors, entrepreneurs, skilled professionals, scientists, and humanitarian workers. The SCA emphasized that while digital assets are regulated in the UAE, such investments do not influence Golden Visa issuance.
VARA: TON Is Not Licensed
VARA added that the TON Foundation is neither licensed nor regulated under its jurisdiction. It added that the foundation has no authority to offer immigration-related services in Dubai or elsewhere in the UAE.
The agency advised consumers to deal exclusively with licensed firms and to verify all offers through government channels. It also reaffirmed its collaboration with law enforcement and other federal agencies to protect users in the virtual assets space.
Amid this official denouncement, the price of TON has tanked over 4% today.
CZ Raises Concerns on Social Media
The staking-for-visa claims also drew attention from Binance founder Changpeng “CZ” Zhao, who expressed skepticism in a post on X. He referenced official visa categories, noting that they include investments in real estate or businesses, as well as government-approved employment. CZ concluded that while the program would be “great if true,” it is unverified and possibly misleading.
Related: The Link Between UAE’s Crypto-Friendly Laws and Its $45.6 Billion FDI Record
Notably, UAE authorities urge the public to verify visa eligibility using official platforms like www.icp.gov.ae. Individuals are advised to avoid unverified platforms and staking schemes that promise immigration benefits.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
