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Toncoin (TON) took a sharp dive this week after United Arab Emirates authorities officially denied claims that staking the token could lead to a long-term residency visa.
The Open Network (TON) Foundation sparked a weekend rally after suggesting that staking $100,000 worth of TON for three years, along with a $35,000 processing fee, could grant a 10-year UAE golden visa. TON surged 10% to hit $3.03, but the party didn’t last long.
🧯 Regulators Shut It Down
On Monday, the Emirates News Agency issued a joint statement from the UAE’s top regulatory bodies, including:
- The Federal Authority for Identity, Citizenship, Customs and Port Security
- The Securities and Commodities Authority
- The Virtual Assets Regulatory Authority (VARA)
Their message? “Golden visas are not issued based on crypto investments.”
“Digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility,” the agencies stated. “We urge investors to rely only on credible, official sources.”
The price of TON has since corrected, falling roughly 6% to $2.84.
Telegram CEO Amplifies the Rumor
Adding fuel to the confusion, Telegram CEO Pavel Durov reposted the original golden visa claim from crypto influencer Ash Crypto on X (Twitter), though he hasn’t made a direct statement of support.
Despite the promotional buzz, TON Foundation leaders, including President Manuel Stotz and CEO Max Crown, have not commented publicly as of press time.
What Is the UAE Golden Visa?
The UAE Golden Visa program, launched in 2019, offers long-term residency (up to 10 years) to skilled individuals, investors, and entrepreneurs. But eligibility isn’t cheap or simple.
✅ Here’s who can qualify:
- Doctors, scientists, researchers, and other highly skilled professionals
- Entrepreneurs running tech startups recognized by UAE authorities
- Investors holding AED 2 million (~$544,000 USD) or more in public investments
Crypto investments alone do not count, according to UAE officials.
The Bigger Picture
The TON Foundation’s now-refuted claim is a cautionary tale in the ongoing intersection of Web3 and real-world governance. While jurisdictions like Dubai are working to attract crypto companies, false narratives can backfire quickly, especially when real government policy gets misrepresented.
