TON Foundation has issued a clarification denying involvement in a partnership with the UAE for a Golden Visa program, resulting in a significant drop in toncoin's value.
TON Denies Involvement in UAE Golden Visa Program
The TON Foundation clarified that it has no official ties to the UAE's Golden Visa program. Previously expressed views were merely exploratory efforts aimed at highlighting potential opportunities.
> Max Crown, CEO, TON Foundation, "We are in the early stages of development with a licensed partner… No official Golden Visa program has launched in partnership with the UAE government..." CITE_W_A.
Toncoin Experiences Over 5% Price Decline
Following the public clarification, the market reacted promptly, with toncoin's value decreasing by over 5%. Initial excitement over the potential visa program quickly waned after regulatory intervention.
Financial and community repercussions followed the announcement. Regulators affirmed no residency options via crypto staking, directly affecting TON's network and trading volume.
> UAE regulators (ICP, SCA, VARA), "The visas were not being issued to digital asset holders. No formal government backing or endorsement for TON's initiative." CITE_W_A.
Regulatory Pushback on TON Statements
Similar situations have occurred within the crypto industry, with projects often facing regulatory responses. Such token schemes tend to result in swift market corrections. Based on industry patterns, TON's market may continue to see volatility, and experts suggest closely observing further developments for potential stabilization trends.
The denial by TON Foundation regarding its partnership with UAE highlights the complex relationship of the crypto industry with regulations, causing significant market fluctuations and shaping community expectations for future developments.
