Changpeng Zhao (CZ), former CEO of Binance, has expressed doubts regarding The Open Network's (TON) newly announced offering of a UAE Golden Visa for stakers. This visa, purportedly available to those staking at least $100,000 in Toncoin for three years, comes with a $35,000 processing fee and promises processing in under seven weeks. CZ questioned its authenticity on X, highlighting a lack of official confirmation from UAE government entities about the program. Despite Telegram CEO Pavel Durov's endorsement of the initiative, CZ remained cautious, emphasizing the importance of verifying claims. The announcement nevertheless spurred a significant increase in Toncoin's price, which surged over 11%. Cointelegraph noted the absence of supporting information on official regulatory websites, thus, creating further uncertainty regarding the offer's legitimacy. Meanwhile, the UAE continues to bolster its reputation as a crypto hub through various initiatives, facilitating the growth of blockchain projects and a favorable regulatory environment.

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