Binance founder Changpeng Zhao has raised doubts about Toncoin's claims regarding a Golden Visa initiative in the UAE linked to cryptocurrency investment.
CZ's Doubts on Toncoin’s Visa Claims
Changpeng Zhao described Toncoin's recent announcements regarding a Golden Visa as 'awesome if true,' but emphasized the need for regulatory clarity and government approval.
He pointed out some incompatibility signs from Toncoin with the projects initiated by Binance. A post on X indicated potential paid forwarding of visa applications, suggesting that the project is linked only to RAK DAO and not to federal authorities in the UAE.
Official Denial from UAE Authorities
After the buzz surrounding the topic, UAE regulatory bodies released a joint statement denying the existence of any cryptocurrency-based Golden Visa program. This statement was issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), alongside the SCA and VARA.
The regulators clarified that Golden visas are granted only in specific classes, such as real estate investors, scientists, and other exceptional talent, excluding cryptocurrency investments.
Potential BNB Residency Program
During the discussions, one X user suggested that Binance consider a residency model based on BNB staking. Zhao responded positively, stating that if such a framework is recognized legally, Binance would explore the possibility.
While the Toncoin announcement caused a temporary market response, the clarifications from UAE regulators reminded everyone of the necessity of regulatory compliance for credibility in the crypto sector.
The claims surrounding the Toncoin Golden Visa initiative sparked interest and confusion within the crypto community. However, the swift reaction from UAE regulators underscores the importance of legal transparency and adherence to regulations.
