The TON Foundation has introduced a new project offering UAE Golden Visas to Toncoin holders who stake $100,000. However, UAE authorities quickly denied any official support for the program.
TON Foundation's Initiative
Max Crown, CEO of the TON Foundation, announced the launch of an initiative allowing Toncoin holders to secure UAE Golden Visas by staking $100,000 for three years. A one-time processing fee of $35,000 is required.
UAE Government's Response
Government agencies, particularly the Federal Authority for Identity, challenged the legality and recognition of digital assets within the program. Regulators clarified that investments in digital currency do not affect Golden Visa eligibility, questioning the program's legitimacy.
Impact on the Toncoin Market
The price of Toncoin surged by 12% following the announcement of the program, also leading to increased trading volume. However, the absence of official endorsement from the UAE raises concerns about the legitimacy of the initiative. It is suggested that legitimization of the project could influence broader blockchain applications in residency visa programs.
The TON Foundation's initiative generates interest in the crypto community but regulators emphasize the need for legal compliance. The future of similar programs depends on their legitimacy and the government's willingness to engage with digital assets.
