Crypto enthusiasts in the UAE had an interesting weekend, as rumours of a Golden Visa for staking The Open Network’s (TON) coin did the rounds. It all started with TON CEO Max Crown’s X post on July 6, which stated that TON holders would get an exclusive chance to secure a 10-year golden visa.
Crown claimed that holders would have to stake $100,000 worth of TON for three years, pay a $35,000 processing fee, and stand a chance to obtain the visa within seven weeks. This sparked immediate enthusiasm, with TON’s price jumping over 10%
Crypto media outlets and influencers shared Crown’s tweet, making it viral. Even Telegram founder Pavel Durov retweeted comments praising the offer. However, doubts emerged quickly. Binance’s former CEO Changpeng “CZ” Zhao publicly questioned the claim on X, stating, “Is this real? I got conflicting info so far,” he wrote. He also pointed out that there wasn’t any official confirmation from the authorities on such a move. CZ, currently consults with the UAE’s Virtual Assets Regulatory Authority (VARA).
Within hours, the UAE’s official news agency WAM — put out a statement issued by the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) — dismissing the rumor as false. They clarified that UAE Golden Visas are governed by clearly defined frameworks for categories like real-estate investors, entrepreneurs, scientists, top students, and frontline workers. VARA emphasized that TON isn’t licensed or regulated by them.
The three authorities collectively urged the public and investors to exercise caution and refer to official government websites and approved communication channels for accurate information. They warned against engaging with unverified advertisements or offers spreading online.
The UAE has traditionally used golden visas as a tool to encourage innovation and secure long-term contributions to its economy. Launched in 2019, the program offers a five- to ten-year residency to select groups under a classified framework which does not specify digital assets in particular.
A golden visa for real estate investors usually will need them to invest at least AED 2 million, while entrepreneurs must have ventures worth a minimum of AED 500,000, backed by a certified incubator. No such standards exist when it comes to cryptocurrency investments.