The Open Network (TON), the company behind the Toncoin, is going through a roller coaster of reactions after its July 6 claim over offering a 10-year golden visa. Yesterday, the Layer 1 blockchain company stayed away from the claim, officially stating that the golden visa initiative roots from an “independent collaboration between TON and a licensed partner specializing in blockchain infrastructure and tokenized assets.” The executives of the company also noted that their claim was a premature announcement.
TON’s latest statement came following the UAE regulators: the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) jointly revealed a clarification that no golden visa applicable for digital currency investors.
“No golden visa launched in partnership with the government”
In its latest July 7 announcement, TON executives underscored: “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.”
Besides, TON executives also supported the joint statement by the three major regulatory bodies in the UAE.
TON’s take on independent collaboration
As stated, the TON executives are working in collaboration with a licensed company and it is in the early period of development. With this initiative, both the team looks into exploring how compliant, blockchain-based frameworks would bolster “real-world access to residency pathways.”
Applying for the golden visa through the collaborative initiative does not guarantee visa issuance, as the UAE government’s final word is important, read the official statement from TON.
On July 6, TON’s website displayed a big caption: “Unlock Your 10-Year UAE Golden Visa with TON”, which stirred amusement as well as skepticism. Max Crown, CEO of the company, also wrote on X that users can stake $100,000 in TON for 3 years, pay $35,000 as a one-time fee, and unlock funds after three years, to obtain their golden visa.
