UAE Authorities Deny Claims Of a Toncoin Partnership to Issue Golden Visas

The United Arab Emirates has debunked rumors circulating that they are issuing golden visas to crypto investors through a partnership with Toncoin. A joint statement from the UAE’s Federal Authority for Identity, Citizenship, Custom and Port Security (ICP), the Virtual Assets Regulatory Authority (VARA), and the Securities and Commodities Authority (SCA) issued on June 6 has denied the claim. Specifically, the ICP stated that the UAE issues golden visas to eligible candidates, which digital asset investors do not fall into. It reiterated that only real estate investors, exceptional talents, and humanitarian pioneers, among a few others, have access to such an exclusive visa. UAE Says Toncoin’s Claims Are False Notably, the statement followed a recent announcement on Toncoin’s official website of a new partnership with the United Arab Emirates. According to the update, crypto enthusiasts can unlock a 10-year golden visa to the UAE with a one-time processing fee and TON staking. For context, rather than the traditional capital requirement of $540,000 in real estate or a non-refundable fixed deposit, TON holders can achieve a golden visa by staking $100,000 worth of the token for three years and paying a one-time processing fee of $35,000. Additionally, the announcement stated that the visa would be available after seven weeks rather than the typical three to six months. This spurred a TON rally, pushing prices to a high of $3.09 before dumping. However, the UAE authorities have now disclosed that these rumors were false. According to the Sunday statement, the country issues golden visas through a clear and officially approved criterion, which currently excludes cryptocurrency holders. The three authorities urged investors and the general public looking to relocate to the UAE to apply caution and verify claims through the government’s official website. Furthermore, VARA disclosed that Toncoin is neither regulated nor officially licensed to operate in the UAE. Binance’s CZ Reacts Meanwhile, Binance’s former CEO, Changpeng Zhao, has reacted to the UAE’s disclosure, urging investors to exercise due diligence. In a tweet today, he advised the crypto community to "DYOR," an acronym for "do your own research." https://twitter.com/cz_binance/status/1942030081578447360 CZ insinuated that instead of paying agents for golden visas, one can simply develop competence and exceptionality in his endeavor. That way, it is easier to get the exclusive visa officially. Meanwhile, the Binance co-founder earlier mentioned that he would pursue a similar plan for BNB upon the Toncoin announcement before the UAE debunked the claims.