The Open Network (TON), a blockchain project linked to theTelegram messaging app, recently announced a new initiative. According to thestatement, users could obtain a 10-year UAE Golden Visa by staking $100,000worth of Toncoin for three years. A one-time processing fee of $35,000 wouldalso apply. TON said the offer would allow applicants to include family membersand earn an annual return of 3–4% on the staked amount.UAE authorities quickly responded with a joint statementdenying the existence of any such program. The response came from the FederalAuthority for Identity, Citizenship, Customs and Port Security, the Securitiesand Commodities Authority, and the Dubai Virtual Assets RegulatoryAuthority.UAE Denies TON Visa ProgramThe announcement attracted wide attention in the cryptocommunity. Even Changpeng Zhao, the former CEO of Binance, shared the newson social media. TON positioned the initiative as a lower-cost alternative totraditional 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 HereDespite 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, 2025Following the announcement, Toncoin’s price jumped by over10%, rising from approximately $2.78 to $2.98 within hours. However, the tokenlost momentum and fell more than 6% after the official denial.The regulators said that UAE Golden Visa frameworks do notinclude digital asset investors. They also confirmed that TON is not licensedor regulated in Dubai. The denial caused Toncoin’s price to fall by more than6% shortly after.You may find it interesting at FinanceMagnates.com: Telegram,WhatsApp Lead On the Number of Traders Who Lose Money to Scams: Survey. TON Clarifies Visa Program StatusThe company later issued a clarification. It said the visainitiative was part of an independent partnership with a licensed blockchainservice provider. According to TON, the initiative was in early development andhad no formal link to the UAE government.TON added that submitting an application would not guaranteea visa. The final decision would remain with relevant government bodies in theUAE.The incident follows a series of developments connectingTelegram and the UAE. Earlier in 2025, after being released from house arrestin France, Telegram’s CEO returned to Dubai. At that time, Toncoin’s pricejumped 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 sovereignfund Mubadala.This article was written by Tareq Sikder at www.financemagnates.com.