Golden Visa Controversy: TON Distances Itself from UAE Government Endorsement

- TON Foundation's Golden Visa program remains in early development, without official UAE government approval. - UAE authorities deny connections between residency schemes and crypto asset holders. On July 7, 2025, the TON Foundation revealed that claims linking its Golden Visa initiative to a UAE government endorsement were unfounded, clarifying the program's independent nature and developmental stage. The Emirates News Agency (WAM) was among the media outlets to report these developments. News had surfaced between July 5 and July 6 suggesting a new path to a UAE Golden Visa. Reports claimed individuals could qualify for the 10-year visa by staking $100,000 worth of Toncoin, the TON Foundation's native cryptocurrency, for three years. As a result, this announcement drew widespread attention across the blockchain community and financial sectors. In response, on July 6, WAM reported on a joint statement from three key bodies: the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP); the Securities and Commodities Authority (SCA); and the Virtual Assets Regulatory Authority (VARA). These authorities categorically refuted the existence of such a program. Their statement also underscored that VARA does not regulate or license TON and reiterated that only official UAE entities can issue Golden Visas. Following the government's clarification, the TON Foundation addressed public concerns in a blog post on July 7. The foundation stated the initiative remains in its “early stages of development” and is being conducted with a licensed partner. Furthermore, it emphasized that only UAE government bodies manage visa issuance and confirmed that no formal partnership or government endorsement currently exists, while reaffirming its focus on creating blockchain-compliant residency solutions. The controversy appears to be impacting Toncoin’s market performance. According to CoinMarketCap, as of 19:15 UTC on July 7, Toncoin (TON) was trading at $2.772, marking a 4.35% drop over the previous 24 hours. This decline may reflect public uncertainty following the recent events.