Former Binance chief Changpeng \u201cCZ\u201d Zhao is questioning whether a new crypto-linked pathway to UAE residency is legitimate, pointing out that no official government source has confirmed the details.<\/p>\n
Over the weekend, The Open Network claimed that anyone who stakes at least $100,000 worth of Toncoin (TON) for three years \u2014 and pays a $35,000 processing fee \u2014 could secure a 10-year UAE Golden Visa in under seven weeks, as reported by Cointelegraph<\/a><\/em>.<\/p>\n CZ responded on X, asking, \u201cIs this real? It would be awesome IF it is true. But I got conflicting info so far.\u201d He also noted there were no UAE government websites reflecting the offer, and no clear mention of which agency, if any, approved it.<\/p>\n Though some social media users referenced Telegram CEO Pavel Durov\u2019s support \u2014 he reposted the announcement via crypto influencer Ash Crypto \u2014 CZ remained cautious, saying he prefers to \u201ctrust but verify.\u201d<\/p>\n He\u2019s not unfamiliar with UAE residency requirements. CZ received his own Golden Visa after moving to the country. But even with his connections, he said the lack of clarity raised concerns.<\/p>\n Despite the uncertainty, the announcement was enough to move the market. TON\u2019s price jumped over 11% in a matter of hours, according to CoinMarketCap.<\/p>\n Later, Cointelegraph noted that no confirmation appeared on official websites \u2014 including those of the Securities and Commodities Authority (SCA), Ras Al Khaimah Emirate DAO, Virtual Asset Regulatory Authority (VARA), or the Abu Dhabi Global Market Authority \u2014 as of Sunday afternoon.<\/p>\n Soon after, UAE regulators addressed the rumours directly. The country\u2019s Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), along with VARA and the SCA, issued a joint statement denying that crypto investors are eligible for Golden Visas.<\/p>\n \u201cThe ICP clarified that golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors,\u201d the statement read. Eligible applicants include property investors, business owners, top students and graduates, scientists, and frontline workers.<\/p>\n VARA also warned investors to only work with licensed and regulated firms when dealing with crypto-related services.<\/p>\n The UAE has become one of the more active players in crypto and blockchain development, with regulations and infrastructure that make it easier for DeFi and Web3 firms to operate.<\/p>\n At Token2049 Dubai \u2014 which CZ attended \u2014 speakers pointed to the UAE\u2019s efforts to support blockchain use beyond digital currencies.<\/p>\n One example is the country\u2019s new Machine Economy Free Zone. The initiative, launched with blockchain platform peaq, aims to reward users with a share of machine-generated revenues. The pilot focuses on decentralised physical infrastructure networks, or DePINs, and looks to test real-world use cases for token-based incentives.<\/p>\n Separately, Dubai has moved into tokenised real estate. A recent project \u2014 said to be the first licensed one of its kind in the Middle East and North Africa \u2014 involves the Dubai Land Department, the Dubai Futures Foundation, and the Central Bank of the UAE.<\/p>\n That effort came alongside a $3 billion blockchain real estate deal<\/a> in May, which coincided with a spike in Dubai\u2019s property sales.<\/p>\n (Photo by Mariia Shalabaieva<\/a>)<\/em><\/p>\n See also: SEC drops charges against Binance, closing major case<\/a><\/strong><\/p>\nA fast-moving crypto hub<\/h3>\n
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