The Open Network (TON) Foundation, an institution that develops initiatives to incentivize the adoption of Toncoin, has recently clarified the scope and reach of its recently announced 10-year United Arab Emirates (UAE) Golden Visa Initiative.
In a blog post that substitutes the page where the program was being advertised, TON Foundation explained that the arrangement was part of a collaboration with an undisclosed partner “specializing in blockchain infrastructure and tokenized assets.” TON also acknowledged that the UAE government had no direct involvement in this.
The foundation stated:
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.
TON Foundation’s statement comes as the UAE government denied having knowledge or participation in this program, which allowed TON investors to apply for a Golden Visa paying a $35k application fee and maintaining a stake of $100K worth of Toncoin for three years.
The foundation claims that the application alone “does not guarantee visa issuance, the authority for which remains at the discretion of the relevant UAE government bodies.” However, this seems to contradict the wording in the previous version of the webpage, which advertised a seven-week fast approval for the visa application.
Former Binance CEO Changpeng Zhao, who pointed out inconsistencies in the program, stated that the campaign for the initiative was misleading. “There is a big difference between $35k + $100k staking to for a golden visa, vs to submit an application,” he assessed, highlighting that this kind of announcement hurt the ecosystem and disrupted the price market around TON.
Read more: TON Launches UAE Golden Visa Initiative for Toncoin Holders
Read more: UAE Authorities Debunk Golden Visa Program for Digital Asset Investors
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