Toncoin (TON) has slipped 6% following an official denial by the United Arab Emirates that staking the cryptocurrency qualifies investors for the country’s prestigious golden visa program.
TON Surge Short-Lived After Clarification
The native token of The Open Network, Toncoin briefly surged 10% to $3.03 after the project claimed that staking $100,000 worth of TON for three years could make applicants eligible for a 10-year UAE golden visa.
However, the rally reversed after the Emirates News Agency released a joint statement from multiple UAE regulatory bodies denying any such connection between crypto staking and golden visa eligibility. TON is now trading at $2.84, down 6% from its 24-hour high.
UAE Regulators Deny Crypto-Based Residency
According to the Emirates News Agency, the statement was issued by:
- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP)
- The Securities and Commodities Authority (SCA)
- The Virtual Assets Regulatory Authority (VARA)
These authorities made it clear that digital asset holders do not qualify for the UAE’s golden visa program. The agencies emphasized that crypto investments are governed by specific regulations and are not part of the residency eligibility framework.
They also urged investors to rely on verified sources to avoid misinformation or fraudulent schemes related to UAE visas and cryptocurrency.
Speculation Amplified by Telegram CEO
Speculation around the visa claims intensified when Telegram CEO Pavel Durov reposted the TON announcement on X (formerly Twitter), shared by crypto influencer Ash Crypto. Durov has not issued an official comment on the matter.
What Is the UAE Golden Visa?
The UAE golden visa is a long-term residency program launched in 2019 to attract talent, investors, and entrepreneurs to the region.
Key golden visa eligibility requirements include:
- Public investments worth AED 2 million (approx. $544,000)
- Registered tech-based startups approved by UAE authorities
- Exceptional professional qualifications in fields such as science, medicine, and research
Visa durations range from five to ten years, and recipients are allowed to live, work, and study in the UAE without needing a national sponsor.
