Introduction to the UAE Residency Program
The former CEO of Binance, Changpeng "CZ" Zhao, has raised questions about the legitimacy of The Open Network’s new pathway to UAE residency. This program promises 10-year UAE Golden Visas 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.
CZ’s Concerns
CZ expressed his doubts on X, saying "Is this real? It would be awesome IF it is true. But I got conflicting info so far." He also noted that there are no official government websites with the "stake Ton for golden visa" update, and he is unsure which government entity, if any, approved the program. CZ’s concerns stem from his familiarity with the UAE’s residency requirements, having received a Golden Visa himself when he first arrived in the country.
Reaction from the Crypto Community
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. However, CZ remains cautious, stating that he likes to "trust but verify." Despite CZ’s reservations, the announcement sent TON’s price sharply higher, with the token rallying more than 11% within a few hours.
Verification of the News
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. The Golden Visa program is being managed by a third party, which will review applicants’ details and guide them through the final steps.
UAE’s Growing Crypto 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. The recent Token2049 conference in Dubai highlighted these advantages, which CZ attended. The UAE has also launched a Machine Economy Free Zone to explore the intersection of robotics, AI, and decentralization.
UAE’s Crypto Initiatives
The UAE has 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.
Conclusion
In conclusion, while the announcement of The Open Network’s new pathway to UAE residency has generated excitement, CZ’s concerns about its legitimacy highlight the need for verification and clarity. As the UAE continues to grow as a crypto hub, it is essential to ensure that such programs are transparent and officially recognized by the government. The UAE’s initiatives in tokenized real estate and Machine Economy Free Zone demonstrate its commitment to innovation and decentralization, making it an attractive destination for crypto and blockchain enthusiasts.
