- Toncoin dropped 6% after UAE regulators denied claims that staking $100,000 worth of TON could lead to golden visa eligibility.
- The Open Network made false promises about residency benefits, but UAE authorities confirmed that digital assets have no connection to their visa program.
- Real golden visa requirements include much higher investment thresholds and specific professional qualifications.
Toncoin (TON) retreated 6% from its 24-hour peak following an official denial from United Arab Emirates authorities regarding claims that staking the cryptocurrency could lead to UAE residency benefits. The native token of The Open Network trades at $2.84 after reaching $3.03 on Sunday.
The price movement came after The Open Network announced that investors staking $100,000 worth of Toncoin for three years would qualify for the UAE’s golden visa program. This claim triggered a 10% surge in TON’s value before regulators stepped in to clarify the situation.
UAE Authorities Issue Joint Statement
On Monday, the Emirates News Agency published a joint statement from multiple UAE regulatory bodies, categorically rejecting the golden visa claims. The Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority confirmed that golden visas are not issued based on digital asset holdings.
The authorities emphasized that cryptocurrency investments operate under separate regulatory frameworks and have no connection to golden visa eligibility requirements. They warned investors to seek information from official sources to avoid misinformation and potential fraud schemes.
Telegram CEO Pavel Durov contributed to the initial speculation by sharing the announcement on X, though he made no direct comments about the claim’s validity. The repost came from crypto influencer Ash Crypto, adding momentum to the price surge before the official correction.
Golden Visa Program Requirements
The UAE launched its golden visa program in 2019 to attract skilled professionals and investors to the region. The long-term residency permits allow foreign nationals to live, work, and study in the UAE without requiring a national sponsor. Depending on the applicant’s qualifications, visa durations range from five to ten years.
Current eligibility criteria include specialized skills in medicine, science, or research. Investors can qualify through public investments worth at least 2 million UAE dirhams ($544,000). Entrepreneurs may also obtain golden visas if they own registered, technology-based startups recognized by the UAE authorities.
The Open Network’s original claim suggested that a $100,000 TON stake and a $35,000 processing fee guarantee 10-year golden visa eligibility. This proposal significantly undercut the established investment thresholds and raised questions about its authenticity.
The incident highlights the importance of verifying cryptocurrency-related claims through official channels. TON’s price volatility demonstrates how quickly markets can react to unconfirmed information, particularly regarding regulatory matters and government programs.
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