TON prematurely announced a Golden Visa program in UAE, facing backlash due to local crypto rules

The TON Foundation’s premature announcement of a Golden Visa program in the UAE faced backlash due to local crypto rules. Legal compliance is crucial in a landscape with five regulators overseeing crypto activities and strict marketing rules by Dubai’s VARA, as highlighted by lawyer Irina Heaver.

UAE regulators promptly denied the TON Foundation’s claim of offering golden visas for digital asset holders. The now-deleted announcement promised a 10-year Golden Visa and staking opportunities in exchange for a fee. TON clarified the situation, stating the announcement was premature and working with a licensed partner independently.

Prominent figures like Changpeng Zhao questioned the credibility of TON’s announcement, citing conflicting information and lack of official confirmation. Despite early warnings, the announcement sparked excitement within the community, leading to a price rally followed by a sell-off after UAE authorities denied involvement.

Legal experts emphasized the importance of proper vetting in the crypto space to avoid hype-driven backlashes. In the UAE, where laws are well-established, a quick legal review can prevent regulatory issues and hefty fines. VARA declined further comment on the incident, underscoring the need for legal compliance for sustainable growth in the crypto industry.

Read more at Cointelegraph: TON’s Golden Visa Flop Sends Warning To Crypto