Authorities in the United Arab Emirates have officially denied reports suggesting that staking the Toncoin (TON) cryptocurrency could qualify investors for a 10-year golden visa. The token initially surged following the news but later pulled back, losing 6% from its daily high.
What Happened
Earlier, The Open Network claimed that investors who staked $100,000 worth of TON for a three-year period and paid a one-time fee of $35,000 could become eligible for a 10-year UAE residency visa. The announcement caused a short-term spike in Toncoin’s price to $3.03 - up 10% from the previous level.
The information was shared by crypto influencer Ash Crypto and later reposted by Telegram founder Pavel Durov without additional comments.
Official Response
A day after the announcement, Emirates News Agency published a joint statement from the Federal Authority for Identity and Citizenship, the Customs Authority, and the Virtual Assets Regulatory Authority. The statement clarified that digital assets and cryptocurrency investments are not valid grounds for obtaining a golden visa.
“Investments in digital currencies are governed by separate regulations and are not linked to the criteria for long-term residency,” the statement read.
Regulators also cautioned investors to rely solely on verified official sources and to avoid misinformation and fraud.
What Is the Golden Visa
The golden visa is a long-term residency program launched by the UAE government in 2019. It allows foreign nationals to live, work, and study in the country without needing a local sponsor. The visa is valid for five to ten years.
The program targets highly qualified professionals such as scientists, doctors, and researchers. Entrepreneurs who own registered and officially recognized tech startups in the UAE are also eligible.
Investors must prove a minimum investment of AED 2 million ($544.5 thousand) to apply for the visa.
Market Reaction
Following the official denial by authorities, Toncoin fell from $3.03 to $2.84, a 6% drop from its daily peak. As of the time of publication, there had been no response from the TON Foundation or its representatives, including President Manuel Stotz and CEO Max Crown.
