The recent initiative by the TON Foundation to offer a 10-year Golden Visa for Toncoin investors has drawn attention, but UAE authorities swiftly rejected the idea.
The Idea of the Golden Visa by TON Foundation
On July 6, the TON Foundation, linked to the Telegram blockchain, announced a long-term residency program for investors willing to invest $100,000 in Toncoin and pay a fee of $35,000. This initiative sparked discussions about the practical use of cryptocurrencies in the context of obtaining residency in the United Arab Emirates.
Response from UAE Authorities
UAE authorities emphasized that no official partnership had been signed with TON, meaning that the foundation was offering a program that requires the approval of the authorities for realization. In response, Emirati officials reminded that investments in cryptocurrency do not automatically grant the Golden Visa.
Perspectives and Challenges for Cryptocurrencies
Despite the interest in the concept of combining prestigious residency and crypto investments, the rules for obtaining a Golden Visa remain strict and include criteria such as real estate investment and entrepreneurship. Currently, cryptocurrency initiatives are not recognized in this process. Additionally, the Peravel agency, a partner of the TON project, stated that declined applications would be fully refunded; however, the regulatory situation remains uncertain.
The TON Foundation initiative highlights the gap between the ambitions of the crypto world and the reality of government regulation. This situation indicates a need for compromises and patience for the continued development of the crypto industry.
