Following the UAE's rejection of the TON Foundation's proposal for obtaining a Golden Visa via Toncoin investments, the market experienced fluctuations.
TON Foundation's Plan and Its Impact
Max Crown of the TON Foundation unveiled a controversial plan allowing Golden Visa acquisition via $100,000 Toncoin staking. However, this plan was swiftly refuted by UAE authorities.
Regulators' Response in the UAE
Regulatory bodies, such as ICP, SCA, and VARA, emphasized that crypto assets do not fall under the official criteria for Golden Visa eligibility. Golden visas are granted only to those meeting strict criteria including real estate investments and exceptional talents.
Quote: "Golden visas are issued according to clear and officially approved criteria which do not encompass digital currency investors." – UAE Government Regulators (ICP, SCA, VARA)
Market Influence and Future Projections
Following the announcement, Toncoin initially saw a price surge but quickly retracted after regulators' statements. Industry leaders like Changpeng Zhao expressed skepticism towards the TON Foundation's activities, increasing scrutiny over the situation. Future expectations lean towards tighter government oversight on crypto-related residency claims.
The UAE's rejection of the Golden Visa for cryptocurrency investments indicates a high level of regulatory control in the market. This may lead to increased caution among investors regarding initiatives lacking official government backing.
