Toncoin Drops 6% After UAE Denies Golden Visa Staking Link

Toncoin (TON), the native cryptocurrency of The Open Network, experienced a significant drop of 6% from its recent 24-hour high following the United Arab Emirates (UAE) authorities' denial of claims linking TON staking to the country’s golden visa program.

On Sunday, Toncoin briefly surged 10% to $3.03 after The Open Network announced that staking $100,000 worth of TON for three years could make investors eligible for the UAE’s highly sought-after golden visa. The claim also mentioned a one-time processing fee of $35,000 to secure a 10-year residency.

The excitement around this announcement intensified when Telegram CEO Pavel Durov amplified the statement by reposting a tweet from crypto influencer Ash Crypto on X (formerly Twitter). However, Durov has not issued any official comment on the matter.

The hype was short-lived. On Monday, the Emirates News Agency published a joint statement from the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, categorically denying the claim.

The statement clarified that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud.

As a result, Toncoin’s price slipped back to $2.84 at the time of writing, marking a 6% decrease from its 24-hour peak.

The UAE’s golden visa is a long-term residency initiative introduced in 2019 to attract skilled professionals, investors, entrepreneurs, and scientists to live, work, and study in the Emirates without the need for a national sponsor. Eligibility criteria are stringent, with skilled professionals such as doctors, researchers, and scientists qualifying, while investors must hold public investments valued at no less than 2 million AED (approximately $544,000). Entrepreneurs can also apply if they own a registered tech-based startup recognized by the UAE authorities.

The Emirates News Agency reiterated that digital asset holdings, including cryptocurrencies such as Toncoin, do not qualify as valid investments under the Golden Visa requirements.

This incident underscores the importance of verifying crypto-related claims through official channels. The UAE regulators emphasized that only authorized information should be trusted to avoid falling victim to scams or misleading promotions.