- TON Foundation announces $100K stake for UAE Golden Visa.
- CZ questions the validity and cost of the offer.
- No official UAE endorsement for the program yet.
TON Foundation’s offer to stake $100,000 in TON for UAE Golden Visa residency has come under scrutiny following the public skepticism expressed by former Binance CEO Changpeng Zhao on July 6.
The offer could influence residency models using cryptocurrency within the UAE, prompting market excitement but also doubts from industry leaders. TON’s surge following the announcement highlights potential investment impacts.
TON Foundation’s Initiative
The TON Foundation, managed by CEO Max Crown, initiated a stake-based residency program highlighting “capital-efficient” access to UAE residency for $100,000 in TON and a $35,000 fee. Changpeng Zhao questioned the offer’s cost, stating traditional agent fees are substantially lower and regulatory approval in the UAE is mandatory for such offerings, yet no verification was provided by UAE authorities.
Following the announcement, TON saw a 12% surge, peaking above $3, indicating substantial investor interest. However, skepticism remains widespread, given the lack of official confirmation and clear regulatory pathway in the UAE.
Historically, crypto-backed residency programs often face legal scrutiny without government backing. The absence of official endorsement increases investor caution about potential risks. Legitimacy questions persist, potentially dampening enthusiasm despite the initial market impact.
Regulatory Challenges and Market Responses
TON’s innovative approach could reshape residency models but will require regulatory clarity to maintain market momentum and investor confidence. Insights into potential financial or regulatory outcomes depend on emerging data, past trends, and evolving technology handling conditions.
Changpeng Zhao, Former CEO, Binance, expressed skepticism about the offer, stating, “Too good to be true. Golden Visas via agents usually cost around $1,000. Staking is a regulated activity in the UAE and would likely need approval from local authorities, yet there has been no public statement from any official body.” Coinpedia
