The Open Network (TON) Foundation has issued a clarification following widespread confusion and regulatory pushback over its weekend announcement that Toncoin holders could qualify for a UAE Golden Visa by staking their crypto holdings. The announcement, originally made via X , gave the impression of a formal arrangement between TON and the UAE government,a claim regulators have now publicly refuted.
Clarifying the status of the UAE Golden Visa initiative, TON wrote in a follow-up X post on Monday. “The offering is part of an exploratory initiative via a licensed partner, and not a government program.”
What TON originally claimed
The initial post, which quickly gained attention after being shared by Telegram founder Pavel Durov, suggested that any individual who staked $100,000 worth of Toncoin (TON) for at least three years,along with a $35,000 service fee,would qualify for the UAE’s long-term residency program, commonly referred to as the Golden Visa. The post claimed that successful applicants would receive a 10-year visa for themselves and immediate family members within seven weeks.
The tone of the post strongly implied some form of official sanction or integration with the UAE’s immigration system. “UAE Golden Visa via staking TON. $100K in staking, $35K in fees. Done in 7 weeks. Includes family,” the now-controversial X post read.
UAE regulators respond
The announcement triggered swift reactions from observers and crypto leaders, including former Binance CEO Changpeng Zhao, who questioned its legitimacy, asking: “Is this real?”
Within 24 hours, multiple UAE regulatory bodies, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA),collectively issued a statement denying any association with the initiative. They clarified that Golden Visas are granted only through specific qualifying channels, such as real estate investment, entrepreneurship, or exceptional talent,not via digital asset staking.
Notably, the regulators also stated that TON Foundation is not licensed to operate or offer such programs in the country.
TON retracts statement, cites lack of clear communication
By Monday morning, the TON Foundation had walked back the initial announcement. In its clarification post, the Foundation explained that the offer had been “misunderstood as a government-endorsed program,” when in fact it was a pilot initiative being explored with a private sector partner licensed in the UAE.
“The intention was to showcase innovative private-sector-led possibilities around crypto-financed residency services,” the Foundation said. “However, visa issuance remains strictly within the jurisdiction of UAE government authorities.”
The TON team also reiterated their respect for UAE regulations and expressed a willingness to work transparently with the appropriate bodies to explore compliant paths forward.
What this means for the crypto community
The misunderstanding shows the growing tension between blockchain projects and the need for clear rules,especially in places like the UAE, which promotes itself as a hub for digital assets but still enforces strict licensing and compliance rules.
TON’s original offer seemed to position the network as a gateway for crypto-based global mobility. But the mistake highlights the risks of overpromising or wrongly suggesting government support, whether on purpose or not.
Toncoin, the network’s native token, saw a brief rally following the original announcement, gaining over 10% over the weekend before shedding those gains after the regulators’ rebuttal. As of Tuesday morning, the token was trading lower than its Saturday peak.
For now, the message from UAE authorities is clear: while the country remains open to digital innovation, no shortcuts will be tolerated when it comes to immigration and residency programs.
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