TON Foundation says UAE ‘Golden Visa’ plan in early stages after government pushback

The Open Network ($TON) Foundation clarified details about its 10-year "Golden Visa" program for certain Toncoin stakers, stating that the initiative is still in its infancy and has not yet been launched in collaboration with the United Arab Emirates (UAE) government.
"To clarify, 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," the $TON Foundation wrote in a Monday release.
"This collaboration is in the early stages of development. It reflects a broader effort to explore how compliant, blockchain-based frameworks might eventually support real-world access to residency pathways. Any offering would be subject to all applicable laws and regulations," the foundation said. "Application alone does not guarantee visa issuance, the authority for which remains at the discretion of the relevant UAE government bodies."
On July 6, the $TON Foundation, the independent organization overseeing the Telegram-focused blockchain network $TON, announced the UAE Golden Visa program for investors who stake $100,000 in Toncoin ($TON) for three years and pay a $35,000 processing fee for a 10-year visa to the UAE.
Peravel, a crypto-native travel firm and the program's partner, said at the time that UAE officials retain final approval over all visa applications. The UAE government also noted that digital currency investments are subject to separate rules and do not qualify for Golden Visa eligibility, The Block previously reported.
"We want to emphasize that Peravel guarantees a full refund of all fees if an application is not approved by authorities, provided all documents are accurate and genuine,” Peravel founder and CEO Ehsan Sattari told The Block in a Telegram message. "We have a long track record of success in similar residency programs, including the UK 10-Year Visa, where over 95% of our clients receive approval due to our strict selection criteria and high documentation standards."
The UAE Golden Visa permits long-term residency for foreign nationals, allowing them to live, work, or study in the country, along with the ability to access certain privileges, such as not requiring a sponsor themselves, sponsoring family members, and staying outside the UAE for more than the standard six months. Requirements for this visa typically include public investments, owning property, entrepreneurship, or possessing specialized talents such as those in athletics, the creative arts, or science, according to the program's website.
Toncoin traded at $2.78 as of publication time and recorded $317.6 million in trading volume in the previous 24 hours. $TON's market capitalization sits at $6.9 billion, making it the 22nd most valuable cryptocurrency by that metric, according to The Block's $TON Price Page.