Original | Odaily Planet Daily (@OdailyChina)

Author｜jk

Over the weekend, the TON Foundation announced a plan to obtain a 10-year "Golden Visa" for 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 rapid decline in Toncoin's price. Why did the TON Foundation promote such a visa project on such a large scale? Will there be further developments? Odaily Planet Daily takes you through the background and implications.

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 without the need to purchase property or meet 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 real estate or other high-value, low-liquidity assets. The founder of Telegram also shared related news on social media, drawing wider attention.

At the same time, the staked assets could also earn an annual return of 3-4%.

Following the announcement, Toncoin's price surged. According to public 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 clarified 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.

In response to the official clarification, enthusiasm in the crypto market for Toncoin quickly reversed. After the news broke, Toncoin's price rapidly fell from its previous high, dropping from about $3.03 to around $2.84, a decline of about 6%, essentially erasing the gains made due to the rumors.

Comparison of TON Channels and Official Golden Visa Requirements

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 such as special skill talents (e.g., doctors, 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 requirement is far 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 plan provides a faster, lower-cost, and 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 the UAE officials later stated, the Golden Visa review has a fixed framework, and the holding of cryptocurrencies is currently not considered.

Analysis: Was the TON Foundation Misled by Intermediaries?

According to analysis cited by Coindesk, this is actually a method used by third-party legal service agencies to assist in applying for the UAE "Entrepreneur Visa" using Toncoin tokens, rather than a government-launched exclusive crypto visa channel. In essence, 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 about "exchanging Toncoin for the UAE Golden Visa" is still visible on the TON Foundation's official website 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 related content despite the UAE officials clearly denying the legality of the plan? 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 further developments in this incident? Odaily will continue to follow up on the reporting.

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