The organization responsible for The Open Network (TON) has issued a statement elucidating its involvement in a scheme that may result in legal residency in the United Arab Emirates (UAE) after contradictory information surfaced over the weekend.
In a blog entry posted on Monday, the TON Foundation stated it was in the “initial phases of development” with an authorized partner to consider the establishment of a UAE Golden Visa. The organization further emphasized that any jurisdiction for the initiative was entirely under the UAE government authorities and was governed by relevant laws and regulations.
“To clarify, no formal Golden Visa initiative has been initiated in collaboration with the government of the United Arab Emirates, nor has any governmental backing been granted to TON,” the foundation remarked.
The blog entry was issued less than 48 hours after TON announced it would be offering 10-year golden visas for the UAE. This declaration resulted in a swift reaction 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 released a collective statement clarifying that the visas were not being allocated to digital asset holders.
Related: ‘Is this genuine?’ CZ queries TON’s UAE Golden Visa as gov’t sources remain silent
This is a developing narrative, with more details to be provided as they emerge.
