UAE Shuts Down TON’s Bold Staking-for-Visa Gambit in Rare Regulatory Rebuke

The United Arab Emirates just drew a hard line in the sand—and TON’s ambitious crypto-for-visa scheme got buried in it.

In a move that’s got the whole Gulf buzzing, UAE authorities issued a rare joint statement rejecting The Open Network’s proposal to trade staking rewards for residency rights. No sugar-coating, no ‘we’ll revisit this later’—just a flat-out institutional ‘not in our house.’

While Dubai’s been rolling out the red carpet for crypto projects, this abrupt rejection reveals the limits of their hospitality. Turns out even tax-free paradises have standards when it comes to monetizing citizenship.

For TON holders who’d already started mentally spending their hypothetical visa dividends? Better cancel those penthouse viewings at the Palm—the only thing getting stamped here was the project’s paperwork.

Another day, another crypto startup learning the hard way that when regulators say ‘innovate,’ they mean ‘within these very specific lines we haven’t drawn yet.’

Behind TON’s retreat: what the foundation what TON said—and what it didn’t

The TON Foundation’s attempt to distance itself from the unauthorized golden visa announcement raised more questions than it answered. While the foundation called the initiative “exploratory,” that explanation raised eyebrows, especially when it cited working with a mystery “licensed partner” in blockchain infrastructure.

They never named names or explained how this WOULD actually meet the UAE’s notoriously strict crypto regulations – pretty big questions to leave unanswered.

In its July 7 statement, the TON Foundation stressed the initiative was in “early stages” and would comply with all laws—a tacit admission it had jumped the gun. The pledge to communicate more “transparently” going forward rang hollow to critics, who noted how crypto projects increasingly push into real-world territory with premature or false claims, often without securing regulatory buy-in.

One of the most high-profile skeptics was Binance founder Changpeng Zhao. Based in the UAE himself, CZ briefly entertained the idea when it first surfaced, suggesting BNB Chain could explore a similar route if it proved legitimate.

this is real, bnb should do the same

But within 24 hours of calling the rumored visa program “awesome,” CZ dismissed it as “aggressive and misleading marketing”—a stark reminder that even industry leaders can mistake HYPE for substance.

FWIW. If this article is true (common sense says it is), then it's just aggressive/misleading marketing. DYOR.

You can pay $1k (in most major cryptos) to an agent to submit an application for a golden visa. No guarantees, but if you are worth your salt, there is a high chance…

Whether TON’s misstep will spur meaningful change in how the industry vets and announces collaborations remains to be seen. But for now, the golden visa fantasy has turned to lead.