The Open Network (TON) recently announced a Golden Visa program in the UAE linked to a 10-year residency for applicants staking $100,000 in Toncoin. This has prompted skepticism from crypto figure Changpeng 'CZ' Zhao.
TON's Golden Visa Announcement
TON announced a scheme allowing applicants to obtain a 10-year UAE residency visa by staking $100,000 worth of Toncoin for three years and paying a $35,000 processing fee. The visa approvals were promised within seven weeks.
CZ's Doubts
Changpeng 'CZ' Zhao expressed skepticism about the program on social media, pointing to the lack of official confirmation from UAE government sources. He noted there were no announcements on official UAE government websites and questioned which regulatory body had authorized the initiative. CZ described the offer as potentially 'too good to be true' and emphasized a preference to 'trust but verify.'
Market Reaction and Implications
Despite CZ's doubts, the announcement triggered a significant spike in Toncoin's price, which surged over 10%. Some community members pointed to Pavel Durov's repost of the announcement as informal confirmation, even though no formal government endorsement was issued. The program notably reduces the traditional UAE Golden Visa investment threshold to $100,000, raising interest but also concerns about its legitimacy. CZ highlighted that staking typically requires regulatory licenses from UAE authorities such as VARA, SCA, and ADGM, none of which have publicly recognized this TON-linked visa opportunity.
The discussion surrounding TON's Golden Visa underscores the need for official confirmation and regulatory clarity regarding crypto-linked residency schemes to ensure trust in such offers.
