Independent Collaboration, Not Government-Approved
The TON Foundation indicated that recent reports of a UAE-backed Golden Visa initiative with Toncoin were premature and false. In a statement released on Monday, the foundation explained how, while discussions are ongoing for a future digital residency program, the latter is not government-sanctioned.
The Premature Announcement
During the weekend, social news media reports had stated that The Open Network’s native token, Toncoin, had launched a staking-based Golden Visa program where people would be able to obtain long-term residency by staking cryptocurrency instead of meeting traditional income requirements. The TON Foundation, however, was quick to clarify the misinterpretation.
Clarification by the TON Foundation
“The TON Foundation also knows of the early release made on X regarding a UAE Golden Visa program offered by TON,” stated the foundation. They explained that the program was a product of an independent partnership with a licensed partner specializing in blockchain technology, and not as a result of any governmental cooperation with UAE institutions.
No Guarantee of Residency
The foundation explained that all applications made under this pilot scheme would never be a guarantee of UAE residence because the decision is left to UAE authorities involved. The initiative is still in its nascent stage and aims at unearthing the potential of blockchain technology in facilitating future streams of residency.
Joint Statement by UAE Authorities
The UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have stated that no official digital residency or investment visa programs have been rolled out in partnership with the TON Foundation.
Future Transparency
TON Foundation thus concluded by reasserting its commitment towards regulatory transparency and innovation, ensuring that any official involvement in the future would be well communicated through the right channels.
