The incident of TON with the "Golden Visa" of the United Arab Emirates demonstrates the importance of legal reviews

The TON Foundation could have avoided the controversy surrounding the Golden Visa in the United Arab Emirates with a brief legal review, a local lawyer told Cointelegraph.

The mistake of The Open Network (TON) Foundation with the Golden Visa (or golden visa) in the United Arab Emirates (UAE) highlights the need to comply with legislation and conduct an adequate review, a local lawyer has stated.

The premature announcement about TON's Golden Visa in the UAE aimed to benefit the community but ran into the complex local rules regarding cryptocurrencies, according to Irina Heaver, founder of NeosLegal.

With five regulators overseeing the activities of crypto asset service providers (CASP) in the UAE and the strict marketing rules of the Dubai Virtual Assets Regulatory Authority (VARA), ensuring compliance with local regulations requires proper legal assessment.

"Even with the support of local government officials, it is necessary to promote cryptocurrency transactions in full compliance with federal and local laws," Heaver told Cointelegraph, adding that activities regulated by CASP, such as staking and token-related offerings, require special attention.

The incident of TON's Golden Visa: timeline of events

The TON Foundation announced last Saturday the Golden Visa program, which it said would include a staking program for Toncoin

TON

€2.35

that would offer golden visas to holders for entry into the UAE.

A group of UAE regulators quickly denied the news on Sunday, issuing a joint statement claiming that golden visas are not issued to holders of digital assets. VARA emphasized that the company behind TON is not authorized or regulated by the agency#BinanceTurns8 #BTCWhaleMovement