A recent announcement by The Open Network (TON) promising a pathway to UAE residency through staking Toncoin has been met with skepticism, most notably from Changpeng "CZ" Zhao, the former CEO of Binance. The proposal suggests that individuals who stake $100,000 worth of TON for three years and pay a $35,000 processing fee could obtain a 10-year UAE Golden Visa. The visa reportedly could be secured in under seven weeks.

CZ, a holder of a UAE Golden Visa himself, voiced his concerns on X (formerly Twitter), questioning the legitimacy of the program due to the absence of any official announcement from UAE government sources. "Is this real?" CZ asked, adding, "It would be awesome IF it is true. But I got conflicting info so far". He further noted the lack of information on any government entity's website confirming the "stake Ton for golden visa" update.

This skepticism stems from several points. Firstly, CZ noted that typical Golden Visa applications through agents cost around $1,000, raising questions about the steep $35,000 processing fee associated with the TON program. Secondly, the lack of official government endorsement raises concerns about the program's legitimacy and which regulatory body, if any, approved the program. Staking is a regulated activity, and the TON Foundation would likely need licenses from local regulators like VARA, SCA, and the ADGM.

Despite the lack of official confirmation, the announcement has had a noticeable impact on the price of Toncoin, which surged over 10% shortly after the news broke. Some community members have pointed to Telegram CEO Pavel Durov's repost of the announcement as a form of validation. However, CZ maintains a "trust but verify" approach.

The UAE has become a hub for cryptocurrency adoption and blockchain-based companies, owing to its regulatory environment and infrastructure that supports DeFi and Web3 projects. The standard route to obtaining a UAE Golden Visa usually involves a substantial investment of at least $500,000 in real estate. TON Foundation's program significantly lowers the investment threshold, offering an estimated 3–4% annual yield during the staking period. The visa also extends to immediate family members without additional fees (beyond standard government charges), and staking is managed via decentralized smart contracts on the TON blockchain for transparency.

CZ has indicated that if the TON program proves to be genuine, he would push for a similar initiative for BNB holders. Changpeng Zhao stated that the company will try to implement a program offering a 10-year UAE Golden Visa in exchange for staking tokens for BNB holders.

As it stands, the TON program appears to be facilitated by third-party providers rather than being an official UAE government initiative. Until official confirmation from UAE government sources is available, the legitimacy of the program remains in question.