The United Arab Emirates (UAE) has refuted viral claims that staking $100,000 worth of Toncoin (TON) could grant investors a 10-year golden visa.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), alongside financial regulators SCA and VARA, issued a rare joint statement clarifying that digital currency investments are not an eligible pathway for the long-term residency permit, dousing the speculation that had ignited across social media platforms.
UAE Authorities Slam Claims as Misleading
The buzz began after the Toncoin team announced a partnership between The Open Network and the UAE, offering a 10-year Golden Visa for staking $100,000 TON for three years, with family inclusion and an estimated 3-4% APY, for a $35,000 government fee.
The narrative was amplified when Telegram founder Pavel Durov retweeted the news. Toncoin’s price reacted swiftly, surging over 10% at one point on July 6, breaching $3.00 to hit its highest level in 19 days.
Trading volume also spiked, reflecting the market’s knee-jerk reaction to the seemingly major adoption catalyst. “It’s unbelievable to see how countries are attracting people through unique ideas, and crypto is one of them,” tweeted Bitinning founder Kashif Raza on July 5, capturing the initial bullish sentiment.
Even Binance founder Changpeng Zhao (CZ) expressed cautious optimism, writing on X, “Is this real? It would be awesome IF it is true.” However, he also urged people first to verify the information and flagged potential issues like the high fee compared to typical agent costs of around $1,000.
But despite the viral traction and message on Durov’s X account, UAE authorities have rejected the notion. The joint ICP, SCA, and VARA statement explicitly denied “reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.”
The ICP clarified that golden visa eligibility is strictly tied to pre-established criteria such as real estate investment, entrepreneurship, and specialized talent, not crypto staking.
“Investors must always refer to official channels and avoid engaging with unverifiable advertisements,” warned the agency.
VARA also confirmed that “TON is neither licensed nor regulated” under its framework, directing investors to deal exclusively with licensed entities.
CZ later retweeted the official denial, commenting, “You never know what to believe these days. DYOR!”
Toncoin Price Spikes, Then Cools Off
Toncoin’s price trajectory tells the story of the rumor’s fleeting impact. After peaking past $3.00 on Sunday following the initial claims, it dropped as low as $2.73 following the official denial before finally settling around $2.83 at the time of writing. This is a 6.6% decline from its intraday high.
While the 24-hour gain reflects the initial rumor pump, the sharp rejection and failure to hold gains above $3.00 is a reminder of the market’s sensitivity to regulatory clarity.
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