The foundation behind The Open Network (TON) has released a statement clarifying its role in a program that could lead to legal residency in theUnited Arab Emirates (UAE) following conflicting reports over the weekend.In a Monday blog post, the TON Foundation said it was in the early stages of development with a licensed partner to explore the creation of a UAE Golden Visa.
The group added that any authority for the program rested entirely with the UAE government entities and was subject to applicable laws and regulations.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, said the foundation.Source: TON FoundationThe blog post was released less than 48 hours after TON said it would be offering 10-year golden visas for the UAE.
The announcement prompted a quick response from the UAEs Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, who published a joint statement clarifying that the visas were not being issued to digital asset holders.Related: TON coin dips 6% after UAE authorities deny golden visa claimCrypto figures such as former Binance CEO Changpeng CZ Zhao questioned the legitimacy of the UAE golden visa program before TONs Monday blog post.
The story may have also gotten traction after Telegram CEO Pavel Durov retweeted an X post with details of the program.
At the time of publication, Durovs post was still live.
Source: Pavel DurovIts unclear whether the TON Foundation may coordinate its efforts with the UAE government in the future.
Its offer of a golden visa using $100,000 in staked Toncoin (TON) could be significantly cheaper than conventional routes through official channels, often requiring a minimum $540,000 investment in illiquid assets.Other countries have offered pathways to residency through significant investments, though not always related to cryptocurrencies like Bitcoin (BTC).
In Portugal, investors holding more than $500,000 in crypto could obtain citizenship through the countrys Golden Residence Permit Program, a five-year residence-by-investment program for non-EU nationals.In the United States, President Donald Trump announced a gold card program in February, allowing investors willing to pay $5 million or more for legal residency in the country.
According to US Commerce Secretary Howard Lutnick, roughly 70,000 people had signed up for the initiative as of June 17.
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