The foundation behind the Open Network (TON) released a statement that clarifies its role in a program that could lead to legal residence in the United Arab Emirates (UAE) following adverse weekend reports.
In a Monday blog post, the Ton Foundation Says It is in the “early stages of development” with a licensed partner to explore the creation of a UAE Golden Visa. The team added that any authority for the program has fully rested on UAE government entities and are subject to applicable laws and regulations.
“To clarify, no official Golden Visa Program has launched in collaboration with the United Arab Emirates government, and there is no government endorsement on tons,” the foundation said.
Blog post released less than 48 hours after ton said to offer it 10-year gold visa for the UAE. The announcement prompted a rapid response from the UAE’s federal authority for identity, citizenship, security and security security, the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, which published a joint statement that clarified that visas were not issued in the grant of digital assets.
Related: Ton Coin Dips 6% After UAE authorities refused the golden visa claim
Crypto numbers such as former Binance CEO Changpeng “CZ” Zhao Asked for being legitimate of the UAE Golden Visa Program before Ton’s blog post. The story may also get traction after Telegram CEO Pavel Durov has repeated an X post with program details. At the time of publication, Durov’s post was still alive.
It is unclear if the TON Foundation can coordinate its efforts with the UAE government in the future. Its offer of a golden visa using $ 100,000 in staked toncoin (Ton) can be cheaper than conventional routes by official channels, which often require a minimum of $ 540,000 investment in unknown possessions.
https://www.youtube.com/watch?v=jzNCalgknio
“Gold Cards” and Appeal of Gold Visa to Crypto investors
Other countries offer residence paths through significant investments, though not always associated with cryptocurrencies such as Bitcoin (Btc). In Portugal, the investors Holds more than $ 500,000 In crypto can get citizenship through the country’s Golden Residence Permit Program, a five-year residence-by-investment program for non-EU nationalities.
In the United States, President Donald Trump announced a “gold card” program in February, allowing investors to be willing to pay $ 5 million or more for legal residence in the country. According to US Commercial Secretary Howard Lutnick, approximately 70,000 people signed up for the initiative on June 17.
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