Recently, the TON Foundation found itself embroiled in controversy following reports about a supposed opportunity to obtain a golden visa in the UAE through staking Toncoin. UAE authorities were compelled to refute this proposition.
The Golden Visa Scandal
On July 5, reports surfaced claiming that a $100,000 investment in Toncoin would allow applicants to fast-track a 10-year UAE residency visa. This message quickly garnered attention within the crypto community, even attracting the interest of Binance founder Changpeng Zhao.
TON Foundation's Response to Criticism
On July 7, the TON Foundation issued a statement clarifying that no such program had been launched and that it received no official government endorsement. The statement read: "To clarify, no official Golden Visa program has launched in partnership with the government of the United Arab Emirates, nor has any governmental endorsement been granted to TON."
Expert Opinions and Industry Implications
Experts have begun to question the legitimacy of the TON initiative. Given the stringent crypto regulations in the UAE, the lack of clarity regarding their "licensed partner" raises further concerns. Changpeng Zhao also critically addressed the claim, labeling it as "aggressive and misleading marketing."
The failed initiative by the TON Foundation raises concerns regarding how the crypto industry presents new projects and partnerships. Amid strict regulatory oversight, such situations may set a precedent for a more cautious approach to announcements.
