Toncoin ($TON) experienced significant price fluctuations over the weekend after The Open Network erroneously claimed that staking the cryptocurrency could grant residency in the UAE, prompting immediate denials from three government agencies.
The native cryptocurrency of The Open Network surged by 10% on Sunday, reaching $3.03, after the foundation announced the day before that staking $100,000 worth of Toncoin for three years would allow applicants to apply for the UAE's golden visa program. However, following a joint statement from three UAE regulatory agencies published by the UAE News Agency, the token's price fell 6% from its 24-hour high, with the statement clearly denying the related claims.
The TON Foundation's statement promised a more attractive alternative to the traditional golden visa route, requiring only a $100,000 stake in TON for three years, plus a one-time processing fee of $35,000. The program claimed that a 10-year golden visa could be obtained within seven weeks, with family members included for free, and applicants expected to earn an annualized return of 3-4% during the staking period while retaining full control of their cryptocurrency.
The TON Foundation noted that the traditional UAE golden visa route typically requires an investment of about $540,000 in real estate or fixed deposits, which are non-refundable and tied to illiquid investments, with processing times ranging from three to six months.
The Federal Authority for Identity, Citizenship, Customs and Port Security clarified that golden visas are issued based on an officially approved framework and do not include digital currency investors. Eligible categories remain limited to real estate investors, entrepreneurs, outstanding talents, scientists and professionals, excellent students and graduates, humanitarian pioneers, and frontline workers.
The Securities and Commodities Authority reiterated its commitment to adhering to international standards in regulating the financial sector, stating that digital currency investments are subject to specific regulations and are unrelated to golden visa eligibility. The agency urged investors to obtain information from credible official sources to avoid misinformation or fraud.
The Virtual Assets Regulatory Authority (VARA) explicitly denied any claims regarding Dubai virtual asset investors being able to obtain golden visas, noting that TON has not received VARA's approval or regulation. The agency emphasized that companies obtaining VARA approval must strictly comply with the visa procedures set by the Dubai government and relevant federal agencies.
Although the UAE positions itself as a cryptocurrency-friendly jurisdiction through VARA's comprehensive regulatory framework, attracting numerous virtual asset service providers, its golden visa program still maintains strict traditional investment standards.
Former Binance CEO Changpeng Zhao questioned the legitimacy of the TON statement on social media, reflecting widespread skepticism in the industry regarding the authenticity of the program. Despite the official denials, the golden visa application page for TON remains active on its website.
Is this true? If it is, that would be fantastic.
But currently, the information I have is contradictory.
Some say: This is just to get them to charge you a $35,000 fee and then pass your application to an intermediary that usually only charges $1,000.
The UAE agencies jointly urged the public and investors to exercise caution, referring to official websites for accurate information, and warned against participating in unverified advertisements or offers circulating online. For detailed information on golden visa requirements, authorities directed applicants to visit the official ICP website.
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