A recent miscommunication by The Open Network (TON) Foundation concerning a “golden visa” initiative in the United Arab Emirates (UAE) has sparked a broader conversation about the importance of legal vetting in crypto-related announcements, according to legal experts.
Irina Heaver, founder of NeosLegal and a UAE-based lawyer, said the incident serves as a clear example of why companies should perform thorough legal checks before launching promotional campaigns—especially in jurisdictions like the UAE, where digital assets are tightly regulated.
TON had announced a golden visa opportunity tied to staking Toncoin, aiming to attract interest from crypto holders looking to enter the UAE. However, the announcement quickly ran into trouble when regulators clarified that no such visa was available to crypto investors under current laws.
Complex Regulatory Framework in the UAE
The UAE’s crypto environment is governed by multiple entities—five regulators in total—with the Virtual Assets Regulatory Authority (VARA) playing a central role in overseeing digital asset promotions in Dubai. Heaver emphasized that even if a project has government backing, promoting services such as staking or token-based offers still requires full legal compliance.
“Crypto promotions must comply with both federal and emirate-level regulations,” Heaver noted. “There are no shortcuts—even well-intentioned announcements can cause serious legal trouble if not properly reviewed.”
What Happened?
On Saturday, TON revealed what appeared to be a staking-based golden visa offer: users could receive a 10-year UAE residency visa by staking $100,000 worth of Toncoin for three years, plus a one-time fee of $35,000. However, less than 24 hours later, UAE regulators released a statement denying any such arrangement and made it clear that golden visas are not granted to crypto investors.
VARA also clarified that the company associated with TON does not hold a license or regulatory approval within its jurisdiction.
Backpedaling and Deleted Posts
Following the backlash, TON removed the announcement and explained that the release was premature. They also stated that discussions with a licensed partner are ongoing but did not respond to additional requests for clarification.
The issue gained more attention after Telegram CEO Pavel Durov retweeted a post by influencer Ash Crypto claiming a partnership between TON and the UAE. Durov later deleted the post, but not before it had circulated widely across social media.
Caution from Crypto Leaders
Changpeng Zhao (CZ), former CEO of Binance, was among those who raised concerns early on. He questioned the legitimacy of the announcement, urging the community to double-check sources—even those seen as credible.
“It’d be amazing if true,” CZ posted, “but I’ve seen mixed information so far.”
Despite early skepticism, the original announcement caused a spike in Toncoin’s price on Saturday before quickly reversing when regulators shut the claims down.
Legal Oversight Is Not Optional
The episode has become a warning for crypto projects looking to enter the UAE market. Heaver noted that basic legal reviews—often achievable in a few hours—can help avoid costly mistakes and protect companies from regulatory blowback.
“In our fast-moving industry, there’s a temptation to chase the hype. But here in the UAE, compliance isn’t optional,” she said. “Legal review doesn’t slow you down—it lays the groundwork for long-term success.”
VARA has declined to comment beyond the joint statement issued Sunday.
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