- The Open Network (TON) announced a program offering 10-year UAE Golden Visas to applicants who stake $100,000 in Toncoin for three years and pay a $35,000 fee.
- UAE authorities denied the existence of any golden VISA scheme for digital asset holders and stated that TON is not licensed by local regulators.
- The proposed staking program would let applicants keep control of their crypto assets and offer a 3%–4% annual yield.
- The plan claimed to provide visas for immediate family members at no extra cost beyond government fees.
- Despite the controversy, the price of Toncoin rose over 10% following the announcement.
The Open Network (TON), a blockchain platform originating from Telegram, introduced a plan to facilitate access to 10-year UAE Golden Visas for those who stake $100,000 worth of Toncoin for a period of three years and pay a single $35,000 processing fee. The company stated that its UAE-based partners would handle all visa-related procedures and provide residency status confirmation.
Shortly after the announcement, the Emirates News Agency (WAM) published a press release referencing statements from multiple government entities. The joint statement by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) clarified that golden visas are not available to digital asset holders. They added that investments in digital currency are regulated separately and do not influence golden visa eligibility.
The authorities further explained that details about the golden visa should be sourced from credible and official channels to prevent fraud or misinformation. VARA, in particular, emphasized that TON is neither licensed nor regulated by the authority. According to the original proposal, applicants would retain control of their Toncoin during the staking period through a decentralized smart contract, viewable on the TON blockchain. This program estimated annual yields of 3% to 4% on staked amounts, with visa coverage promised for immediate family members at no additional cost aside from the normal government fees.
Conventional requirements for the UAE Golden Visa usually call for investments from around $540,000 in illiquid assets. The TON initiative suggested a five-fold lower entry with $100,000 in staked crypto. This approach drew attention on social media, with some like CoinGecko co-founder Bobby Ong highlighting the lower cost, while others, such as Joe HedgeHog of Sigil Fund, questioned its significance and noted it was not an official government partnership. HedgeHog commented that the program utilized TON as a proxy and could have used any other cryptocurrency.
The launch of this crypto-based visa proposal occurred as the UAE continues efforts to attract blockchain and digital asset projects. Dubai recently approved the listing of Ripple’s RLUSD stablecoin and updated its regulatory framework for real-world asset tokenization. Over 600 crypto companies now operate in Dubai’s free zones, according to official sources.
After the TON announcement, Toncoin’s price increased by over 10%, trading near $3 by publication time. Despite recent gains, Toncoin remains down more than 60% over the past year, as per CoinMarketCap data.
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