Recent claims regarding the ability to obtain a UAE golden visa through Toncoin investment triggered a temporary price rise, but official denials ended the excitement.
Market Reaction to Visa News
Toncoin, the native cryptocurrency of The Open Network, briefly surged 10% to $3.03 following news of a potential pathway to UAE's golden visa through a $100,000 investment for three years. However, after UAE authorities officially denied these claims, Toncoin's price fell back to $2.84, marking a 6% decline from its recent peak.
What is the UAE Golden Visa?
Launched in 2019, the UAE golden visa aims to attract skilled professionals, investors, and entrepreneurs, allowing them to live and work in the country without a local sponsor. Stringent eligibility criteria exist, requiring public investments of at least 2 million AED (approximately $544,000) for investors. UAE authorities confirmed that digital asset holdings, including cryptocurrencies, do not qualify for golden visa criteria.
Investor Caution
This incident underscores the necessity of verifying crypto-related assertions through official channels. UAE regulators emphasized that only authorized information should be trusted to avoid scams and misinformation.
The Toncoin incident illustrates the need for transparency and information verification in financial markets, especially in the rapidly evolving cryptocurrency sector.
