The cryptocurrency Toncoin (TON) faced a 6% drop after United Arab Emirates regulators refuted claims about the possibility of obtaining a golden visa through staking.
Toncoin's Initial Surge
On Sunday, Toncoin surged by 10%, reaching $3.03, after The Open Network claimed staking $100,000 for three years would make applicants eligible for the UAE’s golden visa.
UAE's Refutation
However, after the Emirates News Agency published a joint statement from several regulators, Toncoin retraced partially as it was announced that the claims about the golden visa were not accurate. Regulators clarified that digital currency investments are governed by specific regulations and unrelated to golden visa eligibility.
Golden Visa Eligibility in UAE
The golden visa, introduced by the UAE government in 2019, allows foreigners to live, work, and study in the country without needing a national sponsor. To be eligible, applicants must meet strict criteria, including special skills or public investments of 2 million dirhams (approximately $544,000).
The situation with Toncoin highlights the importance of accurate information in the cryptocurrency space and the need to refer to official sources to avoid misinformation.
