A local lawyer said the decline in the Open Network (TON) Foundation’s golden visa in the United Arab Emirates (UAE) underscores the need for legal compliance and proper scrutiny.
one Premature announcement on Tons of UAE Gold Visa Neoslegal founder Irina Heaver said it aims to benefit the community, but adheres to complex local crypto rules.
Five regulators oversee cryptoasset service providers (CASPs) activities in the UAE and strict marketing rules Virtual Asset Regulatory Authority (VARA) in Dubaiensuring local compliance requires appropriate legal assessments.
“Even with the support of local government officials, you still have to promote crypto transactions entirely with federal and local laws,” Heaver told Cointelegraph. Activities like staking Quotations related to tokens need specific attention.
Tons of Golden Visa Events: Timeline of Events
this Ton Foundation A plan was announced on Saturday, a soup coin (ton) Points opportunity, claiming that holders offer golden visas to enter the UAE.
A group of UAE regulators quickly deny Sunday’s news released a joint statement saying the golden visa was not issued to digital asset holders. Vara stressed that the companies behind TON are neither licensed nor regulated by the institution.
In the now-deleted announcement, Ton said it offered “a one-time $35,000 processing fee” to get a “10-year golden visa” in addition to depositing $100,000 in three years.
Since then, the Foundation has clarify The announcement is too early and is working independently with licensed partners. The company did not immediately respond to a request for comment.
Telegram CEO Pavel Durov expanded the position by forwarding crypto influencer Ash Crypto’s claim that “Ton just worked with the UAE” despite Durov’s removal of the tweet every day.
“Ton just worked with the UAE to offer Ton Stakers a 10-year golden visa,” said Ash Crypto’s now-deleted X post, which was retweeted by Durov.
Reposted posts are at least 1:00 pm to UTC on Monday and then deleted by Durov. Original post Stay behind UTC resides on Ash Crypto as of 10:00 a.m. Tuesday.
Early warning from CZ
Some of the outstanding figures in the crypto community, including former Binance CEO Changpeng Zhao, are Quickly question the credibility of the announcement.
“Is this true?” CZ asked X in response to the announcement. “If this is true, that would be great. But so far, I’ve got contradictory information.”
CZ specifically mentioned the lack of official information from government authorities related to the program, calling on the community to verify resources, no matter how well-known its reputation.
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Despite early warnings, tons of golden visa announcements have caused great excitement in the community, prompting a sharp price rally on Saturday, followed by UAE authorities refuse to participate and sell it.
Legal Commentary “Can Save Millions of Fines”
Despite initial enthusiasm, the UAE’s quick denial turned the announcement into a cautionary tale. Legal experts say this reminds you that hype-driven announcements in the cryptocurrency space can backfire when there is incorrect scrutiny.
“In a space that is fast moving like us, it’s easy to prioritize hype and its own Twitter feed, but in the UAE, the law has been well established.”
“It only takes two to three hours to review potential issues in marketing materials and flags, and a quick check can save weeks of regulatory headaches and millions of fines,” she said.
“It’s a reminder that legal review is not a stopper, but a builder of sustainable growth.”
Vara declined to comment further on the Cointelegraph incident, referring to the joint announcement issued on Sunday.
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