Toncoin (TON) faced a sharp correction on Monday, retreating by 6% from its 24-hour high after UAE authorities denied claims that staking the cryptocurrency could grant eligibility for the country’s golden visa program.
TON Rally Short-Lived After Announcement Disputed
The rally began on Sunday when The Open Network announced that investors who stake $100,000 worth of TON for three years, along with a $35,000 processing fee, could qualify for a 10-year UAE golden visa. This news briefly pushed TON’s price up 10% to $3.03.
However, that surge quickly lost momentum. By Monday, TON dropped to $2.84, a 6% decline from its high, after the Emirates News Agency released an official statement refuting the staking claim.
UAE Regulators Reject TON-Linked Visa Proposal
A joint statement from several UAE government agencies — including the Federal Authority for Identity and Citizenship, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority — made it clear that digital asset staking has no connection to golden visa eligibility.
“Digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility,” the announcement stated, urging investors to verify claims through official channels.
Golden Visa Eligibility Has Strict Investment and Talent Criteria
The UAE’s golden visa program, launched in 2019, offers long-term residency to professionals, investors, and entrepreneurs. It allows foreign nationals to live, work, and study without a local sponsor for a period ranging from five to ten years.
To qualify, applicants typically need:
- Specialized skills in medicine, science, or academia.
- Public investments of at least 2 million AED (approx. $544,000).
- Ownership of a tech-based startup registered and approved by UAE authorities.
This framework leaves no room for crypto staking schemes to qualify directly for golden visas.
Investor Caution Urged Amid Misinformation
The confusion was amplified after Telegram CEO Pavel Durov shared the initial staking announcement on social media, though he provided no official confirmation. Authorities have since reminded the public to rely on licensed entities and government portals when evaluating investment opportunities related to immigration or residency.
Conclusion
The recent episode serves as a reminder that crypto-related visa programs should be approached with skepticism unless clearly endorsed by regulatory bodies. Investors are advised to exercise due diligence and avoid reacting to speculative or misleading announcements.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.