UAE Golden Visa is ‘being developed independently‘ — TON Foundation

The foundation behind The Open Network (TON) has released a statement clarifying its role in a program that could lead to legal residency in the United Arab Emirates (UAE) after conflicting reports over the weekend.

In a Monday blog post, the TON Foundation said it was in the “early stages of development” with a licensed partner to explore the creation of a UAE Golden Visa. The group added that any authority for the program rested entirely with the UAE government entities and was subject to applicable laws and regulations.

“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,” said the foundation.

The blog post was released less than 48 hours after TON said it would be offering 10-year golden visas for the UAE. The announcement prompted a quick response from the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, who published a joint statement clarifying that the visas were not being issued to digital asset holders. 

This is a developing story, and further information will be added as it becomes available.