Recent price fluctuations of Toncoin amid rumors regarding a potential visa program in the United Arab Emirates were quickly overshadowed by government denials.
Visa Program Rumors
Toncoin surged over 10% after claims surfaced that the UAE might accept crypto staking for a Golden Visa program. Initially, it was reported that applicants could secure a 10-year UAE Golden Visa by staking $100,000 worth of TON tokens and paying a processing fee of $35,000. The proposed program would have locked staked tokens for three years through a smart contract on the TON blockchain, potentially offering annual yields of 3% to 4%.
UAE Authorities' Denial
However, three UAE government agencies swiftly issued a denial of these reports. The Federal Authority for Identity, Citizenship, Customs and Port Security, Securities and Commodities Authority, and Virtual Assets Regulatory Authority released a joint statement clarifying that investments in digital assets do not qualify for Golden Visa eligibility. They urged residents to rely on verified government sources for eligibility information.
Industry Backlash and Market Response
Changpeng Zhao, co-founder of Binance, criticized the initial claims as misleading marketing tactics. He stated that traditional Golden Visa applications could be submitted through agents for about $1,000 in major cryptocurrencies but emphasized the importance of waiting for official confirmations. The TON team faced backlash from the cryptocurrency community over the government’s denial, highlighting the risks of promoting unverified partnerships with government entities.
The Toncoin price surge and subsequent government denial illustrate the volatile nature of cryptocurrency markets driven by unverified claims. While the UAE continues to embrace digital assets, official immigration policies remain separate from cryptocurrency initiatives.