Initial reports circulated about a proposed program that would allow individuals to obtain a 10-year UAE Golden Visa by staking Toncoin (TON), the native token of The Open Network. This initiative, allegedly launched by TON Foundation in collaboration with private UAE-based partners, suggested that staking $100,000 worth of TON for three years, along with a one-time processing fee of $35,000, could grant applicants long-term residency. The offer was pitched as a significantly more affordable alternative to the traditional Golden Visa pathways, which typically involve a minimum investment of $500,000 in real estate or are extended to entrepreneurs, skilled professionals, and outstanding talent.

The supposed benefits of this crypto-based visa included coverage for the applicant's spouse, children, and parents, allowing them to work, study, and live in the UAE without a sponsor. Furthermore, it claimed to enable full business ownership and access to private services in the country. A key attractive feature was the ability for TON holders to retain full custody of their crypto while earning an annual yield of 3-4% during the lockup period, with funds staked via a smart contract on the blockchain, ensuring they were never handed over to a third party. The program also boasted a relatively fast processing time of under seven weeks.

News of this alleged partnership and program quickly gained traction in the crypto community, leading to a significant price surge for Toncoin. Soon after the initial announcements, TON's price jumped from under $2.75 to nearly $3.08, a 12% spike, marking its biggest hourly candle in weeks and reversing a multi-day downtrend. The market reacted positively to the prospect of real-world utility for cryptocurrencies and the potential for crypto-based immigration solutions.

However, the narrative surrounding the TON Golden Visa program swiftly unraveled. On July 6, 2025, UAE authorities, including the Emirates News Agency, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), issued a joint statement. This statement unequivocally debunked the claims, clarifying that “claims that the UAE grants golden residency to cryptocurrency investors, circulating on some websites and social media platforms, are false.” The authorities emphasized that Golden Visas are issued under strict categories like real estate investment or business ownership, and crypto staking does not qualify.

Following the official refutation, Toncoin’s price experienced an immediate impact, dropping by 6% within hours, reflecting investor uncertainty and the crypto market’s sensitivity to regulatory clarity. TON’s official website, which had initially promoted the program, was subsequently removed or updated to reflect the regulatory clarification. The TON Foundation later issued a statement on July 7, attempting to clarify its role, stating the initiative was merely “exploratory” and in “early stages,” and that no official Golden Visa program had been launched with government partnership or endorsement. This explanation, however, raised questions, particularly regarding their unnamed “licensed partner” and how the initiative would comply with UAE’s strict crypto regulations.

Changpeng Zhao (CZ), the former CEO of Binance and a resident of the UAE, was an early commentator on the alleged program. Initially, he showed cautious interest, suggesting that if the program were legitimate, Binance Coin (BNB) might explore a similar route. However, within 24 hours of the debunking, CZ dismissed the claims as “aggressive and misleading marketing.” He warned the community against fake news in the crypto space, stressing the importance of “Do Your Own Research” (DYOR) and advising people to “always wait for official sources before believing anything.” CZ also highlighted that applying for a Golden Visa through an agent typically costs around $1,000 in major cryptocurrencies, without guaranteed approval, further underlining the discrepancy of the alleged TON program. The TON Golden Visa saga serves as a stark reminder of the risks associated with unverified claims and the critical need for rigorous governmental oversight and approval when crypto projects venture into real-world benefits like residency programs.