UAE denies issuing golden visas to TON holders
Toncoin drops 6% after UAE denies staking-based visa claims
The native cryptocurrency of The Open Network (TON) has pulled back 6% from its 24-hour high following a sharp correction driven by regulatory clarification from the United Arab Emirates.
Toncoin had surged by 10% to $3.03 on Sunday after reports claimed that staking $100,000 worth of TON for three years would qualify applicants for the UAE’s prestigious golden visa program, reports Cointelegraph.
However, after the Emirates News Agency issued a joint statement from multiple UAE regulators rejecting the claim, TON’s price quickly reversed course. The token is now trading at $2.84, as investor excitement cooled in the wake of the dispute.
UAE regulators refute staking visa eligibility
The rapid price correction came after the Federal Authority for Identity, Citizenship, Customs and Port Security, along with the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, publicly denied that staking Toncoin could serve as a pathway to golden visa eligibility. UAE officials emphasized that digital asset investments are regulated under specific frameworks that are not connected to residency programs. The regulators urged the public to verify information through official channels to avoid potential scams or misinformation, directly contradicting the initial promotion by TON and social media influencers, including Telegram CEO Pavel Durov, who amplified the announcement.
Golden visa program remains limited to traditional criteria
The UAE’s golden visa remains reserved for individuals who meet clearly defined investment and professional benchmarks. Foreign nationals are eligible through public investments valued at over $544,000, ownership of UAE-approved tech-based startups, or by possessing specialized skills in medicine, science, and engineering. Digital asset staking is not currently recognized under the program. The TON Foundation has yet to issue an official response to the regulatory pushback, and the miscommunication highlights the ongoing tension between crypto marketing campaigns and formal government frameworks. The coming week could see further market adjustments as traders digest the impact of the UAE’s clarification on Toncoin’s use case narrative.
Recently we wrote that the native coin of The Open Network (TON) jumped 11% to $3.05, while trading volume soared over 4x to $600 million.
