Former Binance CEO Changpeng “CZ” Zhao has questioned the legitimacy of The Open Community’s new pathway to UAE residency, noting the absence of any official announcement from UAE authorities sources.
As Cointelegraph reported, The Open Community introduced on Saturday that 10-year UAE Golden Visas will probably be obtainable to candidates who stake at the very least $100,000 value of Toncoin (TON) for 3 years and pay a $35,000 processing charge. The visa may reportedly be secured in underneath seven weeks.
“Is that this actual?” CZ requested on X in response to the announcement. “It might be superior IF it’s true. However I acquired conflicting data to this point.”
“There aren’t any official gov web site with the “stake Ton for golden visa” replace,” CZ added, noting the ignorance about which authorities entity, if any, accredited this system.
CZ is acquainted with the UAE’s residency necessities, having acquired a Golden Visa when he first arrived within the nation.
In response to CZ’s publish, some X customers identified that Telegram CEO Pavel Durov has confirmed the information. Durov reposted the announcement on X from crypto influencer Ash Crypto.
Even so, CZ had reservations, stating he likes to “belief however confirm.”
However, the announcement was sufficient to ship TON’s worth sharply greater, with the token rallying greater than 11% inside a couple of hours, in accordance with CoinMarketCap.
Cointelegraph couldn’t independently confirm the information, because the announcement didn’t seem on the web sites of the Ras Al Khaimah Emirate DAO, Securities and Commodities Authority, Digital Asset Regulatory Authority or Abu Dhabi International Market Authority as of Sunday afternoon.
Nonetheless, as the unique announcement acknowledged, the Golden Visa program is being managed by a 3rd get together.
“Our visa issuing accomplice within the UAE will evaluate your particulars and information you thru the ultimate steps,” TON mentioned.
Associated: Telegram founder Durov on arrest, detention in France: ‘I’m confused’
UAE has turn into a number one crypto and blockchain hub
The UAE has emerged as a quickly rising hub for cryptocurrency adoption and blockchain-based firms, because of its favorable regulatory setting, authorities assist and infrastructure that welcomes DeFi and Web3 tasks.
Many of those benefits have been highlighted on the current Token2049 convention in Dubai, which CZ attended.
As Cointelegraph recently reported, the UAE has launched a Machine Economic system Free Zone to discover the intersection of robotics, AI and decentralization.
The brand new sandbox, developed in partnership with layer-1 blockchain peaq, goals to reward tokenholders with a share of the revenues generated by machine economic system actions. The initiative additionally seeks to create real-world use circumstances for decentralized bodily infrastructure (DePIN) networks.
The UAE has additionally positioned itself as a key participant in tokenized real estate, with Dubai launching the primary licensed tokenized actual property venture within the Center East and North Africa. The initiative is a collaboration between the Central Financial institution of the UAE, the Dubai Futures Basis and the Dubai Land Division.
In Might, a $3 billion real estate blockchain deal contributed to a surge in Dubai property gross sales.
Journal: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
