Written by: jk
Over the weekend, the TON Foundation announced a plan to obtain a 10-year "Golden Visa" in the UAE through staking Toncoin, sparking heated discussions in the market and causing a significant surge in Toncoin's price. However, relevant departments of the UAE government subsequently issued a statement, denying the existence of any such official project, leading to a retraction of Toncoin's price gains. Why is the TON Foundation promoting such a visa project on such a large scale? Will there be any reversal in the situation? Odaily Planet Daily takes you through the background and consequences.
TON Foundation Launches Golden Visa Staking Program
On July 6, Max Crown, CEO of the TON Foundation, announced a "groundbreaking plan" on social media platform X, claiming that Toncoin holders have an "exclusive opportunity" to obtain long-term residency in the UAE by staking cryptocurrency. The plan requires applicants to stake Toncoin worth $100,000 for three years and pay a one-time fee of $35,000 to apply for the UAE's 10-year Golden Visa.
The TON Foundation's official website emphasized several advantages of this scheme, including quick approval within about seven weeks from the submission of materials, a simple process that does not require purchasing property or meeting income thresholds, and the ability to include family members such as spouses, children, and parents in the visa application without additional fees. This project was promoted as a more cost-effective alternative compared to traditional methods—traditional applications for a Golden Visa typically require an investment of at least around $540,000 (4 million RMB) in high-value and low-liquidity assets like real estate or fixed deposits. The founder of Telegram also shared related news on social media, drawing wider attention.
At the same time, the staked assets can also earn an annual return of 3-4%.
Following the announcement, Toncoin's price surged. According to publicly available data, on July 6, Toncoin quickly rose from about $2.75 to a peak of around $3.06, with a short-term increase of over 12%. By the end of the day, Toncoin's price fell back to around $2.89, still up about 5% for the day, with a 24-hour trading volume surging over 250% compared to the 30-day average.
UAE Officials Deny and Clarify
However, UAE officials quickly clarified the rumors.
On July 7, the UAE Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Dubai Virtual Assets Regulatory Authority issued a joint statement through the UAE News Agency, denying the existence of an official project for "exchanging digital currency for a Golden Visa." The statement clearly pointed out that the issuance of the UAE Golden Visa has a clear and officially approved framework and standards, which do not include digital currency investors. Regulatory authorities emphasized that digital asset investments are governed by specific regulations and are unrelated to Golden Visa eligibility. The Dubai Virtual Assets Regulatory Authority further explained that the TON project has not been licensed or endorsed by regulators in Dubai. Relevant departments urged investors to obtain information from reliable official sources to avoid being misled or defrauded.
As a result of the official clarification, enthusiasm in the crypto market for Toncoin quickly reversed. Toncoin's price rapidly fell from its previous high after the news broke, dropping from about $3.03 to around $2.84, a decline of about 6%, essentially erasing the gains made earlier due to the rumors.
Comparison of TON Channels and Official Golden Visa Thresholds
Why did UAE officials immediately clarify the related issues? Setting aside their attitude towards virtual assets, it is mainly because the channel promoted by TON is significantly cheaper than the official channel.
The UAE Golden Visa is a long-term residency program implemented by the country since 2019, aimed at attracting talented individuals and significant investments. The visa is valid for 5 to 10 years, allowing foreigners to live, work, and study in the UAE without a local sponsor. Applicants for the Golden Visa must meet strict criteria, including categories for skilled professionals (such as doctors and scientists), public investment, and entrepreneurial investment. Among them, investment applicants must have at least 2 million dirhams (approximately $544,000, 4 million RMB) in investments in the UAE to qualify for the Golden Visa, and purchasing property also requires the property value to meet the same threshold.
This official threshold is much higher than the staking amount proposed by the TON Foundation: the TON plan requires staking Toncoin worth $100,000 (approximately 367,000 dirhams) and paying a $35,000 fee, totaling about $135,000 (approximately 500,000 dirhams), which is less than a quarter of the official investment requirement for the Golden Visa. The TON Foundation claims that its crypto staking scheme provides a faster, cheaper, and more digital immigration path, allowing residency without the need for property purchases or large deposits, which is promoted as an innovative measure aligning with the UAE's image as a crypto-friendly country. However, as subsequently stated by UAE officials, the Golden Visa review has a fixed framework, and the holding of cryptocurrency is currently not considered.
Analysis: Was the TON Foundation Misled by Intermediaries?
According to analysis cited by Coindesk, this is actually a means by which a third-party legal service agency is using Toncoin tokens to assist in applying for the UAE "Entrepreneur Visa," rather than a government-launched exclusive crypto visa channel. In simple terms, the TON Foundation was "misled by intermediaries," mistakenly believing the channel was valid, only to be contradicted by official agencies.
Some commentators also pointed out that the TON Foundation's release of this plan may have been misled by certain intermediary agencies, but the large-scale promotion of such unverified information, lacking basic due diligence, has significantly reduced the impression of the TON Foundation. Odaily reminds investors that this incident serves as a cautionary tale to treat claims of "token exchange for visas" with caution—any claims involving immigration or significant rights in the high-risk and volatile crypto field must be rigorously verified to avoid being misled by unverified promotions.
It is worth noting that as of the time of publication, the relevant page on the TON Foundation's official website regarding "exchanging Toncoin for the UAE Golden Visa" is still visible and has not been taken down; the promotional tweet posted by the TON Foundation CEO on social media platform X has also not been deleted. This stance has raised new speculation: why has TON not retracted the related content despite the UAE officials' clear denial of the plan's legality? Is it due to a continued misunderstanding of intermediary information that has yet to be clarified, or is there another undisclosed cooperative path? Will there be any further reversal in the situation? Odaily will continue to follow up on the report.
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