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The United Arab Emirates has officially denied claims that staking Toncoin (TON) can secure a 10-year golden visa, clarifying the regulatory stance on digital asset investments.
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This refutation caused Toncoin’s price to retract 6% from its recent peak, highlighting the market’s sensitivity to regulatory announcements in the crypto space.
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According to the Emirates News Agency, “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility,” emphasizing the need for investors to rely on credible sources.
UAE regulators reject TON staking as a pathway to golden visas, causing price pullback and clarifying digital asset investment rules in the region.
UAE Regulators Clarify Golden Visa Eligibility Amid TON Staking Claims
The recent surge in Toncoin’s value was largely driven by The Open Network’s announcement that staking $100,000 worth of TON for three years could grant applicants a 10-year golden visa in the UAE. This bold claim attracted significant attention, especially after Telegram CEO Pavel Durov shared related content on social media. However, the Emirates News Agency swiftly dispelled these assertions through a joint statement from key regulatory bodies, including the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority.
These authorities emphasized that golden visas are not issued based on digital asset holdings and that investments in cryptocurrencies fall under distinct regulatory frameworks. The statement urged investors to seek information exclusively from official channels to avoid misinformation or potential fraud. This clarification underscores the UAE’s commitment to maintaining a transparent and regulated environment for both digital assets and residency programs.
Market Impact and Investor Sentiment Following Regulatory Announcement
Toncoin’s price experienced a notable retracement, falling from a 24-hour high of $3.03 to approximately $2.84 after the regulatory pushback. This 6% decline reflects the market’s responsiveness to authoritative guidance and the importance of regulatory clarity in sustaining investor confidence. The episode serves as a reminder that speculative claims, especially those linking digital assets to immigration benefits, must be carefully vetted.
Industry observers note that while the initial price surge indicated strong speculative interest, the subsequent correction aligns with typical market behavior when faced with regulatory uncertainty. For investors, this event highlights the necessity of due diligence and the risks associated with relying on unverified claims in the volatile crypto ecosystem.