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TON Coin experienced a significant 6% dip after UAE authorities unequivocally denied claims that staking the cryptocurrency could lead to eligibility for the nation's coveted Golden Visa program. This clarification directly contradicted earlier assertions by The Open Network, which had briefly sent TON's value soaring.
UAE Debunks Golden Visa for Crypto Claims
The United Arab Emirates government, through a joint statement from the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), has firmly refuted claims that digital asset investments, including staking Toncoin (TON), qualify individuals for the Golden Visa program. This official denial came after The Open Network (TON) had suggested that staking $100,000 worth of TON for three years, along with a $35,000 processing fee, would make applicants eligible for a 10-year residency visa.
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The authorities emphasized that Golden Visas are not issued to digital asset holders.
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They clarified that digital currency investments are governed by specific regulations and are unrelated to Golden Visa eligibility.
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Investors were urged to seek information from credible, official sources to avoid misinformation and potential fraud.
Market Volatility and Misinformation
Prior to the UAE's clarification, TON Coin had seen a 10% surge, reaching $3.03, fueled by the Golden Visa rumors. The speculation was further amplified when Telegram CEO Pavel Durov reposted an announcement from a crypto influencer on X. However, the subsequent official denial led to a swift market correction, with TON Coin retracing 6% to trade around $2.84.
This incident highlights the cryptocurrency market's sensitivity to regulatory news and the potential impact of unverified claims. VARA also noted that TON is not among the licensed virtual asset service providers regulated by them, underscoring the importance of dealing with officially recognized entities.
Understanding the UAE Golden Visa Program
Introduced in 2019, the UAE's Golden Visa program aims to attract skilled individuals and significant investors to the region. It offers long-term residency (five to ten years) without the need for a national sponsor. Eligibility criteria are stringent and focus on specific categories:
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Specialized Talents: Doctors, scientists, researchers, and other highly skilled professionals.
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Investors: Public investments of 2 million UAE dirham ($544,000) or more.
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Entrepreneurs: Owners of registered, tech-based startups recognized by UAE authorities.
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Other Categories: Exceptional students, humanitarian pioneers, and frontline workers.
The UAE's focus for the Golden Visa remains on attracting tangible economic and social capital, not speculative virtual asset portfolios. There is no established parallel threshold for cryptocurrency holdings within the current framework.
Sources
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TON Coin Erases Some Gains After Golden Visa Clarification, Cointelegraph.
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UAE Clarifies No Golden Visa For Crypto Investors, MENAFN.com.
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Toncoin Drops 6% After UAE Denies Staking Residency Claims, AInvest.
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TON Coin Drops 6%: UAE Denies Golden Visa Rumors!, MENAFN.com.
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UAE Authorities Deny TON Claims Over Golden Visa Offer for Crypto Investors, TON Dips 6%, CryptoRank.
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