Toncoin (TON), the native cryptocurrency of The Open Network, has seen a 6% retracement from its 24-hour high after United Arab Emirates regulators swiftly refuted claims that staking Toncoin could offer a pathway to UAE residency. The clarification comes amidst a speculative surge that initially propelled TON's price, only to be partially unwound by official denials.
On Sunday, Toncoin had briefly soared by 10% to reach $3.03 following an assertion from The Open Network that individuals staking $100,000 worth of TON for three years, alongside a one-time $35,000 processing fee, would be eligible for a 10-year UAE Golden Visa. This claim garnered further attention when Telegram CEO Pavel Durov reposted the announcement on X (formerly Twitter) from crypto influencer Ash Crypto, though Durov himself made no official comment.
However, the speculative bubble was burst on Monday. The Emirates News Agency reported a joint statement issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA). These prominent UAE regulators unequivocally denied that Golden Visas are issued to digital asset holders. They emphasized that digital currency investments are governed by specific regulations entirely separate from Golden Visa eligibility criteria.
"The authority further confirmed 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,” the Emirates News Agency highlighted.
Following this official refutation, TON’s price partially retraced, settling at $2.84, marking a 6% decrease from its recently posted 24-hour high.
Understanding the UAE Golden Visa Program
Introduced by the UAE government in 2019, the Golden Visa is a long-term residency program designed to attract highly skilled individuals and significant investors to the region. It grants foreign nationals the ability to live, work, and study in the UAE without requiring a national sponsor, with visa durations ranging from five to ten years.
Eligibility for the Golden Visa is stringent and requires applicants to meet specific criteria, which include:
The incident underscores the critical importance of verifying information from official government sources, especially when it pertains to immigration, legal status, and financial investments in the rapidly evolving digital asset landscape.
July 2025, Cryptoniteuae