TON Foundation Clarifies UAE Golden Visa Misunderstanding

TLDR

• TON Foundation’s visa claim was denied by UAE authorities.
• No official Golden Visa program for digital currency investors exists.
• Investors advised to verify claims and rely on credible sources.

The TON Foundation has clarified its previous announcement regarding a UAE Golden Visa offer. The organization confirmed that the offer is not an official government program and does not have support from UAE authorities. The initial claim suggested it was possible to obtain a 10-year UAE Golden Visa by staking $100,000 of TON tokens for three years, plus a $35,000 fee. This claim has been retracted after direct denials from UAE regulatory bodies.

Several entities have been involved in clarifying this situation. The Ton Foundation, responsible for the original claim, manages The Open Network (TON) blockchain. The UAE government bodies, including the Federal Authority for Identity and Citizenship, Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), issued a statement denying any official crypto-related visa program.

Clarifications from Regulatory Authorities

The UAE regulators, namely SCA and VARA, have emphasized that no Golden Visa scheme involves digital currency investors. The joint statement clarified that Golden Visas are issued according to specific frameworks that do not include digital investments. This notice ensures that investments in digital currencies adhere strictly to local regulations and are separate from visa programs.

VARA also mentioned that the Ton Foundation is neither licensed nor regulated by them. This further removes any impression of state partnership or endorsement in the initially proposed visa pathway. The UAE government has reiterated this stance to prevent any potential misinformation among potential investors.

Community Reactions and Token Impact

The reaction within the crypto community has been notable. Figures such as Changpeng Zhao, the founder of Binance, have publicly questioned the legitimacy of the Ton Foundation’s claims. The original offer has led to skepticism and discussions online, primarily across platforms like Twitter and Telegram.

The affected asset in this situation appears to be Toncoin (TON). The token was central to the visa offer as it required staking of TON tokens, though no significant liquidity or on-chain metric changes have been reported following the program’s suspension. The broader market impact remains contained, with no involvement from Ethereum (ETH), Bitcoin (BTC), or other major assets.

Statements from Ton Foundation and UAE Agencies

The Ton Foundation has issued a statement through their official blog to clarify the situation. They emphasized that there is no partnership with the UAE government regarding Golden Visa programs. Additionally, UAE authorities reiterated that all investment-related claims must be approached with caution to avoid misleading information.

“To clarify, no official Golden Visa program has launched in partnership with the government of the United Arab Emirates, nor has any governmental endorsement been granted to TON,”.

TON Foundation via official blog

The UAE’s Federal Authority for Identity and Citizenship, along with SCA, have made it clear that investors should rely on sources of information that are verified and credible before engaging in investments potentially linked to visa eligibility. Their joint statement aims to steer clear of misconceptions about the prospects of visa attainment through digital asset investments.

Final Remark on Regulatory Oversight

In reference to digital asset investments, UAE’s regulatory bodies have clarified that these do not influence Golden Visa eligibility. Investors are advised to verify claims and seek valid sources, as cautioned in recent statements by SCA and VARA. Official endorsements or funding for such initiatives involving digital assets have neither been released nor pursued by any UAE government-related entities.

The overarching sentiment remains one of caution and the importance of verifying claims within the realm of digital currencies. Amidst speculation and promises of real-world benefits, these developments echo a need for transparency and due diligence.

Further insights and coverage on the issue can be explored here.