The Open Network (TON), a blockchain project linked to the Telegram messaging app, recently announced a new initiative. According to the statement, users could obtain a 10-year UAE Golden Visa by staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term $100,000 worth of Toncoin for three years. A one-time processing fee of $35,000 would also apply. TON said the offer would allow applicants to include family members and earn an annual return of 3–4% on the staked amount.

UAE authorities quickly responded with a joint statement denying the existence of any such program. The response came from the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Dubai Virtual Assets Regulatory Authority.

UAE Denies TON Visa Program

The announcement attracted wide attention in the crypto community. Even Changpeng Zhao, the former CEO of Binance, shared the news on social media. TON positioned the initiative as a lower-cost alternative to traditional UAE residency programs, which often require investments of around $540,000 in real estate or business.

TON Won’t Get You a UAE Golden Visa — The Hype Ends Here

Despite the hype, UAE officials confirmed: staking or holding $TON doesn’t qualify you for a Golden Visa. The offer came from a private firm — not the UAE government.

Golden Visas still require real estate, business… pic.twitter.com/2UhhmCNdaR

— Crypto Patel (@CryptoPatel) July 7, 2025

Following the announcement, Toncoin’s price jumped by over 10%, rising from approximately $2.78 to $2.98 within hours. However, the token lost momentum and fell more than 6% after the official denial.

The regulators said that UAE Golden Visa frameworks do not include digital asset investors. They also confirmed that TON is not licensed or regulated in Dubai. The denial caused Toncoin’s price to fall by more than 6% shortly after.

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TON Clarifies Visa Program Status

The company later issued a clarification. It said the visa initiative was part of an independent partnership with a licensed blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term service provider. According to TON, the initiative was in early development and had no formal link to the UAE government.

TON added that submitting an application would not guarantee a visa. The final decision would remain with relevant government bodies in the UAE.

The incident follows a series of developments connecting Telegram and the UAE. Earlier in 2025, after being released from house arrest in France, Telegram’s CEO returned to Dubai. At that time, Toncoin’s price jumped by about 20%. In May 2025, reports emerged that Telegram was raising $1.5 billion through bond issuance, led by BlackRock and Abu Dhabi’s sovereign fund Mubadala.