Former Binance CEO, Changpeng “CZ” Zhao, has raised concerns about the legitimacy of a new crypto-linked pathway to UAE residency, questioning the lack of official confirmation from government sources. The Open Network recently claimed that individuals staking at least $100,000 worth of Toncoin (TON) for three years, along with a $35,000 processing fee, could secure a 10-year UAE Golden Visa in under seven weeks. However, CZ expressed doubts on social media, highlighting the absence of any endorsement from UAE government websites or official agencies.
Despite the uncertainty surrounding the offer, the market reacted swiftly to the news, with TON’s price surging over 11% in a short period. However, as of Sunday afternoon, no verification had been provided by regulatory bodies such as the Securities and Commodities Authority (SCA) or the Abu Dhabi Global Market Authority.
In response to the rumors, UAE regulators, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), VARA, and the SCA, issued a joint statement refuting claims that crypto investors are eligible for Golden Visas. The statement clarified that Golden Visas are awarded based on officially approved frameworks and criteria, which do not include digital currency investors.
The UAE has emerged as a prominent player in the crypto and blockchain space, with a regulatory environment conducive to DeFi and Web3 projects. At Token2049 Dubai, industry experts highlighted the country’s support for blockchain applications beyond cryptocurrencies. For instance, the UAE’s Machine Economy Free Zone, in collaboration with blockchain platform peaq, aims to incentivize users with machine-generated revenues through token-based incentives.
Moreover, Dubai has ventured into tokenized real estate, with projects in partnership with the Dubai Land Department and the Central Bank of the UAE. This move aligns with the region’s growing interest in blockchain technology and tokenization, as evidenced by a $3 billion blockchain real estate deal in May.
As the UAE continues to position itself as a hub for crypto innovation, investors are advised to engage only with licensed and regulated firms when dealing with crypto-related services. The country’s commitment to fostering blockchain adoption and digital transformation underscores its evolving role in the global crypto ecosystem.
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