UAE Rejects TON’s Golden Visa Claims as Token Value Declines
Following the rejection of a claim by United Arab Emirates (UAE) regulators that staking the cryptocurrency may qualify investors for the country’s prized Golden Visa, Toncoin’s weekend price spike swiftly reversed.
By securing US$100,000 (AU$153,229) in Toncoin and paying a US$35,000 (AU$53,630) fee, candidates might be granted a 10-year UAE residency, according to a program offered by the TON Foundation.
Max Crown, CEO of the Ton Foundation, marketed the offer as a novel substitute for conventional visa pathways that include government bonds or real estate. After Telegram founder Pavel Durov reshared the post, it became popular. Toncoin responded by rising 10% to a peak of US$3.03 (AU$4.64), but the surge was brief.
Regulators in the UAE Verify Toncoin Has No Residency Connection
The program’s authenticity was denied in a joint statement released by the Securities and Commodities Authority and the Virtual Assets Regulatory Authority on Monday, according to the Emirates News Agency. Officials explained that investments in digital assets are subject to different laws and are not regarded as a legitimate reason for residency. Additionally, they pointed out that Toncoin is not regulated or licensed in Dubai.
Toncoin dropped 6% from its peak to US$2.84 (AU$4.35) after the official response. UAE authorities warned against false information, especially when it comes to financial advantages associated with immigration, and advised investors to trust official sources.
The goal of the Golden Visa program, which was launched in 2019, is to draw in valuable investment and talent. Eligibility is still rigorously restricted to requirements like running a government-approved business or owning AED 2 million (AU$837,175) in public investments.
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