Toncoin Plummets 4% After UAE Denies Golden Visa Claims

Toncoin, a cryptocurrency associated with the Telegram Open Network (TON), experienced a significant price drop following a statement from UAE authorities. The UAE government clarified that the offer of a "TON Golden Visa" was unofficial and not endorsed by any official channels. This clarification led to a sharp decline in the price of Toncoin, as investors reacted to the news with uncertainty and concern.

The TON Golden Visa was initially promoted as a pathway for cryptocurrency investors to obtain residency in the UAE. The offer suggested that individuals who held a certain amount of Toncoin could qualify for a visa, which would grant them residency and various benefits. However, the UAE authorities swiftly dismissed these claims, stating that no such official program existed. This revelation caused a wave of panic among Toncoin holders, who had invested in the cryptocurrency with the expectation of securing residency in the UAE.

The impact of the UAE authorities' statement was immediate and profound. Toncoin's price plummeted as investors rushed to sell their holdings, fearing that the value of the cryptocurrency would continue to decline. The sudden drop in price highlighted the volatility and risk associated with cryptocurrencies, particularly those that are tied to specific projects or initiatives. The incident also underscored the importance of official verification and transparency in the cryptocurrency market, as unconfirmed rumors and unofficial offers can have a significant impact on investor sentiment and market stability.

The situation serves as a cautionary tale for investors in the cryptocurrency space. It emphasizes the need for thorough due diligence and the importance of relying on official sources for information. The cryptocurrency market is known for its rapid fluctuations and high levels of risk, and incidents like the TON Golden Visa offer illustrate the potential consequences of misinformation and speculation. As the market continues to evolve, it is crucial for investors to remain vigilant and informed, ensuring that they make decisions based on accurate and reliable information.

UAE regulators have denied claims that staking Toncoin (TON) qualifies investors for the country’s Golden Visa program. The clarification comes after a controversial announcement from the TON community drew global attention and skepticism from crypto figures, including Binance co-founder Changpeng “CZ” Zhao. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement denying any official link between TON staking and Golden Visa eligibility. The ICP confirmed that crypto investors are not part of the approved visa categories. Specifically, approved categories include real estate investors, entrepreneurs, skilled professionals, scientists, and humanitarian workers. The SCA emphasized that while digital assets are regulated in the UAE, such investments do not influence Golden Visa issuance.

VARA added that the TON Foundation is neither licensed nor regulated under its jurisdiction. It added that the foundation has no authority to offer immigration-related services in Dubai or elsewhere in the UAE. The agency advised consumers to deal exclusively with licensed firms and to verify all offers through government channels. It also reaffirmed its collaboration with law enforcement and other federal agencies to protect users in the virtual assets space. Amid this official denouncement, the price of TON has tanked over 4%.

The staking-for-visa claims also drew attention from Binance founder Changpeng “CZ” Zhao, who expressed skepticism in a post on X. He referenced official visa categories, noting that they include investments in real estate or businesses, as well as government-approved employment. CZ concluded that while the program would be “great if true,” it is unverified and possibly misleading. UAE authorities urge the public to verify visa eligibility using official platforms. Individuals are advised to avoid unverified platforms and staking schemes that promise immigration benefits.