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UAE Slams TON’s “Crypto Golden Visa” Pitch—Token Plummets 7% on Official Rebuttal
- The United Arab Emirates rejected claims of a 'Golden Visa' tied to cryptocurrency, causing a 7% drop in Toncoin's price. The rejection statement from three federal authorities discredited the residency-through-staking pitch made by The Open Network, leading to a price drop from the initial spike.
- Authorities issued a joint statement cautioning against unverified online offers related to crypto staking for visas. They clarified that no crypto-based visa program exists under UAE law and advised individuals to consult official government sources to avoid misleading promotional material.
- The cryptocurrency's price had briefly surged 10% after a promotional program claimed holders could secure UAE visas by staking digital assets. However, UAE regulators confirmed that investment in crypto is separate from visa qualification, leading to a quick reversal in Toncoin's value.
- The Golden Visa in the UAE is granted based on specific government-approved criteria like real estate investment or academic excellence, excluding cryptocurrency usage. Before the UAE clarification, the TON announcement gained traction online, even prompting responses from prominent figures like the Telegram CEO and former Binance CEO.
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