UAE authorities reject Toncoin’s crypto-based visa offer
The post UAE authorities reject Toncoin’s crypto-based visa offer appeared on BitcoinEthereumNews.com. The United Arab Emirates has officially denied claims that investors can obtain a Golden Visa through a program promoted by the Toncoin ecosystem. In a joint statement released on July 6 via the Emirates News Agency, three federal bodies, the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, dismissed recent online reports and promotional content circulating on social media that suggest the UAE grants Golden Visas to individuals who stake $100,000 in Toncoin (TON). According to the ICP, Golden Visas are granted under a specific legal framework that applies to a few chosen groups, including top students, scientists, entrepreneurs, and real estate investors. Investors in digital assets are not eligible for any of the existing visa categories. Additionally, VARA clarified that TON is not authorized or regulated in Dubai for these purposes, advising investors to stay away from unconfirmed residency schemes and to only use official government channels. The clarification comes after the TON Foundation announced a program offering 10-year UAE residency to applicants who stake $100,000 worth of Toncoin through a smart contract for three years, in addition to paying a $35,000 processing fee. The program promised to provide 3–4% yearly returns on the staked amount and to grant residency to family members. Although the program attracted attention due to its low entry point, much lower than the AED 2 million (~$540,000) needed for traditional visa routes, UAE authorities did not formally endorse it. The SCA reiterated that the country’s financial regulation follows global standards and that digital asset programs must operate under clearly defined legal structures. Critics have questioned the legitimacy of the offering, suggesting it functions more as a token utility vehicle than a genuine immigration pathway. Some also raised concerns that the processing fee…
The post UAE authorities reject Toncoin’s crypto-based visa offer appeared on BitcoinEthereumNews.com.
The United Arab Emirates has officially denied claims that investors can obtain a Golden Visa through a program promoted by the Toncoin ecosystem. In a joint statement released on July 6 via the Emirates News Agency, three federal bodies, the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, dismissed recent online reports and promotional content circulating on social media that suggest the UAE grants Golden Visas to individuals who stake $100,000 in Toncoin (TON). According to the ICP, Golden Visas are granted under a specific legal framework that applies to a few chosen groups, including top students, scientists, entrepreneurs, and real estate investors. Investors in digital assets are not eligible for any of the existing visa categories. Additionally, VARA clarified that TON is not authorized or regulated in Dubai for these purposes, advising investors to stay away from unconfirmed residency schemes and to only use official government channels. The clarification comes after the TON Foundation announced a program offering 10-year UAE residency to applicants who stake $100,000 worth of Toncoin through a smart contract for three years, in addition to paying a $35,000 processing fee. The program promised to provide 3–4% yearly returns on the staked amount and to grant residency to family members. Although the program attracted attention due to its low entry point, much lower than the AED 2 million (~$540,000) needed for traditional visa routes, UAE authorities did not formally endorse it. The SCA reiterated that the country’s financial regulation follows global standards and that digital asset programs must operate under clearly defined legal structures. Critics have questioned the legitimacy of the offering, suggesting it functions more as a token utility vehicle than a genuine immigration pathway. Some also raised concerns that the processing fee…
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