Former Vinance CEO Changpeng “CZ” Zhao has questioned the legitimacy of the new pathway to open network UAE residency, noting that there has been no official announcement from UAE government sources.
As reported by Cointelegraph, Open Network announced on Saturday that 10-year UAE Golden Visas will be available to applicants who will bet at least $100,000 worth of Toncoins (TON) for three years and pay a processing fee of $35,000. Visas reportedly could be secured in less than seven weeks.
“Is this true?” CZ asked at X in response to the announcement. “If that’s true, that’s great. But I’ve got contradictory information so far.”
“There is no official government website with a ‘staketon for Golden Visas’ update,” CZ added, noting the lack of information about which agencies approved the program.
CZ is well versed in the UAE residence requirements and received his golden visa when he first arrived in the country.
In response to CZ’s post, some X users pointed out that Telegram CEO Pavel Durov confirmed the news. Durov has reposted an announcement about X from Crypto Influencer Ash Crypto.
Still, CZ has made a reservation and says it likes to “trust but confirm.”
Nevertheless, according to CoinmarketCap, the tokens were announced to send the tonne even higher, allowing them to increase by over 11% within a few hours.
Cointelegraph was unable to independently verify the news as the announcement was not displayed on the Ras Al Khaimah Emirate Dao, Securities and Commodities Authority, Virtual Asset Regulatory Authority or Abu Dhabi Global Market Authority website as of Sunday afternoon.
However, as stated in the original announcement, the Golden Visa Program is administered by a third party.
“The UAE visa issuing partners will review the details and guide you through the final steps,” Tong said.
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The UAE has become a major cipher and blockchain hub
The UAE has emerged as a rapidly growing hub for cryptocurrency adoption and blockchain-based companies thanks to a lucrative regulatory environment, government support and infrastructure that welcomes Defi and Web3 projects.
Many of these benefits were highlighted at the recent Token2049 conference in Dubai, attended by CZ.
As reported recently by the Cointelegraph, the UAE has launched a free zone of mechanical economy to explore the intersections of robotics, AI, and decentralisation.
The new sandbox, developed in collaboration with the Layer-1 blockchain PEAQ, aims to reward token holders with a percentage of revenue generated by mechanical economic activity. The initiative is also looking to create real-world use cases for distributed physical infrastructure (DEPIN) networks.
The United Arab Emirates has also established itself as a key player in tokenized real estate, with Dubai launching its first licensed tokenized real estate project in the Middle East and North Africa. The initiative is a collaboration between the UAE’s central bank, the Dubai Futures Foundation and the Dubai Lands sector.
In May, a $3 billion real estate blockchain transaction contributed to a surge in real estate sales in Dubai.
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