The Open Network (TON) Foundation's misstep regarding the UAE Golden Visa highlights the necessity of legal compliance and proper review, a local lawyer stated.
According to Irina Heaver, founder of NeosLegal, the premature announcement about TON's Golden Visa in the UAE aimed to benefit the community but encountered complex local crypto regulations.
There are five regulatory bodies in the UAE overseeing the activities of Crypto Asset Service Providers (CASP), and under the strict marketing rules of the Dubai Virtual Assets Regulatory Authority (VARA), ensuring local compliance requires appropriate legal assessment.
"Even with support from local government officials, you still have to fully comply with federal and local laws to promote crypto trading," Heaver told Cointelegraph, adding that activities regulated by CASP, such as staking and token-related incentives, require special attention.
On Saturday (July 5), the TON Foundation announced a new initiative offering Toncoin (TON) staking opportunities, claiming to provide holders with access to the UAE Golden Visa.
A group of UAE regulatory authorities quickly denied this news on Sunday (July 6), issuing a joint statement that Golden Visas are not granted to digital asset holders. VARA emphasized that the company behind TON had neither obtained permission from the authority nor was it under its regulation.
In a now-deleted announcement, TON stated it offered "a 10-year Golden Visa with a one-time processing fee of $35,000," in addition to requiring a $100,000 stake in Toncoin for three years.
The foundation later clarified that the announcement was premature and stated it was working with an independent licensed partner. The company did not immediately respond to requests for comment.
Telegram CEO Pavel Durov amplified the post by retweeting a statement from crypto influencer Ash Crypto, claiming "TON just partnered with the UAE," but Durov deleted the tweet a day later.
"TON just partnered with the UAE to provide 10-year Golden Visas for TON stakers," read the now-deleted X post from Ash Crypto, which was retweeted by Durov.
The retweeted post was active at least until 1:00 PM local time on Monday (July 7) before being deleted by Durov. The original post remained on Ash Crypto until 10:00 AM local time on Tuesday (July 8).
Prominent figures in the crypto community, including former Binance CEO Changpeng Zhao, quickly questioned the credibility of the TON announcement.
"Is this true?" CZ asked in response to the announcement on X. "If it is, that would be amazing. But so far, I've received conflicting information," he said on Saturday (July 5).
CZ specifically mentioned the lack of official information from government authorities regarding the plan, urging the community to verify sources, regardless of their reputation.
Despite early warnings, the announcement of TON's Golden Visa generated significant excitement within the community, leading to a sharp price increase on Saturday, followed by a sell-off after UAE authorities denied involvement.
Despite the initial enthusiasm, the UAE's swift denial turned the TON announcement into a cautionary tale. Legal experts noted that it serves as a reminder that unvetted, hype-driven announcements in the crypto space can backfire.
"In a fast-evolving field like ours, it's easy to prioritize hype and dominate Twitter for a day, but in the UAE, the laws are already very mature," Heaver said.
"An experienced crypto lawyer can review marketing materials and point out potential issues in just two to three hours; this quick check can save weeks of regulatory hassle and millions of dirhams in fines," she added. "This reminds us that legal review is not a barrier but a builder of sustainable growth."
VARA declined to comment further on the incident to Cointelegraph, referring to the joint statement released on Sunday (July 6).
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Original article: “TON's UAE 'Golden Visa' Misstep Highlights the Importance of Legal Review”
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