The foundation behind the Open Network (TON) has released a statement clarifying its role in a project that could lead to obtaining legal residency in the United Arab Emirates (UAE), following conflicting reports over the weekend.

In a blog post on Monday, the TON Foundation stated that it is in the "early development stage" with a licensed partner to explore the creation of a UAE Golden Visa. The organization added that any authority regarding the project is entirely dependent on UAE government entities and is subject to applicable laws and regulations.

"To clarify, there is no official Golden Visa program being launched in collaboration with the UAE government, and TON has not received any government endorsement," the foundation stated.

This blog post was published less than 48 hours after TON indicated it would provide a 10-year Golden Visa for the UAE. The statement prompted a swift response from the UAE Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, which issued a joint statement clarifying that the visa is not being issued to digital asset holders.

Related: TON token drops 6% after UAE authorities deny Golden Visa statement

This is a developing story, and more information will be added as it becomes available.

Original: “TON Foundation: UAE Golden Visa ‘Independently Developed’”

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