Former Binance CEO Changpeng “CZ” Zhao has questioned the legitimacy of The Open Network’s new pathway to UAE residency, noting the absence of any official announcement from UAE government sources.
As Cointelegraph reported, The Open Network announced on Saturday that 10-year UAE Golden Visas will be available to applicants who stake at least $100,000 worth of Toncoin (TON) for three years and pay a $35,000 processing fee. The visa could reportedly be secured in under seven weeks.
“Is this real?” CZ asked on X in response to the announcement. “It would be awesome IF it is true. But I got conflicting info so far.”
“There are no official gov website with the “stake Ton for golden visa” update,” CZ added, noting the lack of information about which government entity, if any, approved the program.
CZ is familiar with the UAE’s residency requirements, having received a Golden Visa when he first arrived in the country.
In response to CZ’s post, some X users pointed out that Telegram CEO Pavel Durov has confirmed the news. Durov reposted the announcement on X from crypto influencer Ash Crypto.
Even so, CZ had reservations, stating he likes to “trust but verify.”
Nevertheless, the announcement was enough to send TON’s price sharply higher, with the token rallying more than 11% within a few hours, according to CoinMarketCap.
Cointelegraph could not independently verify the news, as the announcement did not appear on the websites of the Ras Al Khaimah Emirate DAO, Securities and Commodities Authority, Virtual Asset Regulatory Authority or Abu Dhabi Global Market Authority as of Sunday afternoon.
However, as the original announcement stated, the Golden Visa program is being managed by a third party.
“Our visa issuing partner in the UAE will review your details and guide you through the final steps,” TON said.
Related: Telegram founder Durov on arrest, detention in France: ‘I’m confused’
UAE has become a leading crypto and blockchain hub
The UAE has emerged as a rapidly growing hub for cryptocurrency adoption and blockchain-based companies, thanks to its favorable regulatory environment, government support and infrastructure that welcomes DeFi and Web3 projects.
Many of these advantages were highlighted at the recent Token2049 conference in Dubai, which CZ attended.
As Cointelegraph recently reported, the UAE has launched a Machine Economy Free Zone to explore the intersection of robotics, AI and decentralization.
The new sandbox, developed in partnership with layer-1 blockchain peaq, aims to reward tokenholders with a share of the revenues generated by machine economy activities. The initiative also seeks to create real-world use cases for decentralized physical infrastructure (DePIN) networks.
The UAE has also positioned itself as a key player in tokenized real estate, with Dubai launching the first licensed tokenized real estate project in the Middle East and North Africa. The initiative is a collaboration between the Central Bank of the UAE, the Dubai Futures Foundation and the Dubai Land Department.
In May, a $3 billion real estate blockchain deal contributed to a surge in Dubai property sales.
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