- TON clarified that its Golden Visa plan has no official UAE government endorsement.
- UAE regulators denied involvement in any crypto-based visa program after TON’s post.
- The TON token price dropped over 10% after the visa initiative was flagged as unofficial.
The TON Foundation has made an official statement on its Golden Visa programme, which was presented earlier, responding to increasing doubts about its legitimacy. The foundation stressed that the project is not sanctioned by the government of the United Arab Emirates and should not be mistaken for an official Golden Visa program.
The project was described as an independent TON-driven venture and a licensed partner focused on tokenized assets and blockchain infrastructure. TON clarified that this is an early-stage initiative that is not connected with any government authority or any formal immigration channel.
The clarification followed a weekend of heightened speculation, with reports circulating that a plan by the UAE might grant a 10-year Golden Visa to those who staked $100,000 TON tokens over three years. The offer was quickly met by criticism, with Binance founder Changpeng Zhao criticizing the lack of formal documentation.
Regulators Reject Claims of Digital Asset-Based Visas
Following the initial announcement, the three leading authorities of the UAE government, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), jointly issued a statement. They clarified that no visa program has been sanctioned or issued in connection with digital asset holdings or staking activities.
In the joint statement, the authorities mentioned that only relevant authorities of the UAE government can authorize a residency or investment visa program. They also added that any digital residency programs have to be reviewed and authorised formally, which was not the case in TON’s case.
Furthermore, the TON Foundation acknowledged and supported the regulators’ joint position. The foundation also clarified that any possible offering involving residency shall be done within the law and subject to official review prior to implementation.
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TON Price Falls as Investor Sentiment Turns Cautious
Subsequently, the price of TON fell by about 10% after regulatory statements and further clarification of TON. This conservative position also led market analysts and investors to take an interest in it.
The TON ecosystem has also faced such issues in the past. In May, there was a rumored partnership between Telegram and Elon Musk’s xAI, which Musk immediately rejected. This clarification then led to another noticeable decrease in the market value of TON.
The TON Foundation remarked that it is determined to develop responsible blockchain applications. It continues to focus on building real-world utility and digital asset solutions within compliant frameworks.
The Ton foundation said that it would communicate publicly through verified channels any developments or official interactions with government entities.
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