TON Foundation CEO's Claim on UAE Golden Visa Sparks 12% Toncoin Surge, UAE Authorities Deny

The CEO of the TON Foundation, Max Crown, recently posted on social media that individuals could qualify for the UAE’s Golden Visa by staking Toncoin. According to Crown, staking $100,000 worth of Toncoin for three years, along with a one-time processing fee of $35,000, would grant a 10-year Golden Visa. This announcement sparked excitement within the crypto community, leading to a 12% surge in Toncoin’s price, reaching nearly $2.90. Many believed this indicated growing acceptance of digital currencies in the UAE, a region known for its innovative approach to technology and finance.

However, the excitement was short-lived. UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Dubai Virtual Assets Regulatory Authority (VARA), swiftly intervened to clarify that the claim was false. They stated that there is no program allowing individuals to obtain a Golden Visa by staking cryptocurrency. ICP confirmed that digital currency investors are not currently included in any of the Golden Visa categories, and VARA noted that TON is not licensed or regulated in Dubai, meaning it cannot legally offer services linked to UAE immigration or government benefits.

This incident is not the first time that confusion has arisen between tech announcements and government policy. Just a few months ago, Telegram founder Pavel Durov revealed a possible partnership with Elon Musk’s AI company, xAI. However, Musk later clarified that the deal had not been finalized. Such mixed signals can lead to significant confusion, especially in the fast-moving crypto space, where misinformation can spread rapidly.

While the TON Foundation has not yet issued a follow-up statement, the initial post created enough buzz to move markets. Toncoin has since dropped slightly, but the price remains higher than it was before the weekend. This incident serves as a reminder for investors and crypto enthusiasts to always wait for official confirmation, especially when something sounds too good to be true.

The UAE is a leader in supporting innovation and digital finance, but it is also clear that the government is serious about regulation. Golden Visas are a significant program, and tying them to crypto staking without proper approval is not something the government takes lightly. As the world of blockchain and government policy continues to intersect, clarity and trust are more important than hype. This event underscores the need for accurate and verified information to prevent the spread of misinformation and maintain the integrity of both the crypto community and government programs.