No Crypto Residency: UAE Dismisses Toncoin’s Golden Visa Claim and Issues Warning Against Misleading Crypto Offers

UAE Officials Deny Toncoin Staking Offers Golden Visa

What began as a viral claim promising UAE residency in exchange for staking Toncoin has been officially debunked.

Regulatory authorities in the United Arab Emirates have issued a rare joint statement refuting the idea that cryptocurrency investments, including staking TON, qualify individuals for the country’s golden visa programme.

Regulators Step In After TON’s Bold Residency Pitch

The Open Network sparked a wave of excitement on 6 July when it claimed that investors could secure a 10-year golden visa by staking $100,000 worth of Toncoin for three years and paying a one-time $35,000 processing fee.

The offer, which circulated widely across social media platforms and was even reshared by Telegram CEO Pavel Durov, suggested a revolutionary shift in how long-term residency might be accessed in the UAE.

But less than 24 hours later, three top government bodies stepped in to shut it down.

In a coordinated announcement, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA) confirmed that there is no crypto-linked route to residency.

They made it clear: staking digital assets has no influence over visa eligibility.

Digital Assets Are Not a Visa Shortcut

The UAE's golden visa, introduced in 2019, offers five- to 10-year residency to select individuals, including real estate investors, scientists, entrepreneurs, and exceptional talents.

However, authorities emphasised that eligibility is based strictly on defined legal criteria — not speculative digital investments.

The SCA stated,

“Digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”

VARA added that TON is neither licensed nor regulated in Dubai and warned investors to steer clear of offers made by unregulated entities.

Price Surge Turns to Slide as Speculation Unravels

Toncoin initially surged 10% to $3.03 after the announcement on Sunday, as optimism briefly gripped the market.

But once the UAE government dismissed the claims, TON tumbled back to $2.84 — a 6% drop from its 24-hour high.

The abrupt reversal left many investors disillusioned.

Telegram’s Durov remained silent after resharing the news, while former Binance CEO Changpeng “CZ” Zhao raised eyebrows, questioning the legitimacy of the offer.

He wrote,

“I am a supporter of Durov, especially given his current situation. But I like to "trust but verify". I'd expect something like this to have a government partnership, and announcement. It might still be true, just saying I haven't been able to verify.”

Authorities Warn Public Against False Offers

All three regulators urged residents and investors to rely exclusively on government channels for visa-related information.

VARA cautioned, stressing that licensed virtual asset services remain the only safe avenue for crypto activity in the UAE.

“Engaging with unverified schemes can lead to financial and legal risk.”

The ICP reminded the public that eligible applicants must meet investment thresholds of at least 2 million dirhams ($544,000) or possess recognised achievements in designated sectors like healthcare, science, or innovation.

Crypto and Citizenship Shouldn't Be Entangled

While the idea of merging digital finance with immigration policy is bold and tempting, it remains a regulatory red flag.

The UAE’s swift response sends a clear message: crypto may be a tool for innovation, but it’s no ticket to a new passport.

For now, dreams of staking one’s way into a new life in Dubai remain just that — dreams.