On July 5, the official TON blockchain website unveiled a new residency-linked staking program, inviting participants to stake $100,000 worth of Toncoin for three years, in return for a UAE Golden Visa, a 10-year residency permit. In addition to the locked stake, users were asked to pay a $35,000 one-time processing fee. The website claimed the program would deliver up to 4% annual yield and extend visa benefits to family members at no extra cost.
TON positioned the offer as an investment-based path to residency, managed in partnership with UAE-based service providers. The webpage promoting the initiative stated that applicants would receive a Golden Visa within seven weeks and enjoy seamless processing, all while retaining full ownership of their staked funds.
However, within 48 hours of the offer going public, several UAE government bodies issued an unprecedented joint statement debunking the program’s legitimacy. In a formal notice carried by the Emirates News Agency (WAM), the UAE’s Federal Authority for Identity, Citizenship, Customs & Port Security (ICP), Securities and Commodities Authority (SCA), and the Dubai Virtual Assets Regulatory Authority (VARA) clarified that no formal arrangement existed between the UAE government and TON or its affiliates.
According to the statement, "No residency visas, including the Golden Visa, can be obtained through cryptocurrency investments, and no digital asset platform is authorized to offer such services under current UAE immigration or financial regulations." The agencies emphasized that all digital asset-related activities must be registered and approved by the appropriate authorities, particularly VARA and SCA.
The swift denial from UAE regulators threw the TON staking initiative into controversy. Notably, VARA, Dubai’s official crypto watchdog, clarified that TON is not registered or regulated under its jurisdiction. That means any claims regarding residency, financial services, or regulated yields offered through TON-related programs have no legal standing within the country.
Before UAE government bodies issued their unprecedented joint statement, former Binance CEO, CZ, had raised doubts about the credibility of The Open Network’s UAE residency offer.