- TON Foundation claimed staking US$100K in Toncoin plus US$35K fee could lead to UAE Golden Visa.
- Telegram founder Pavel Durov reshared the news, boosting Toncoin’s price by 10% before regulators intervened.
- UAE government denied the claim, stressing Toncoin is not licensed and crypto is not a visa pathway.
Toncoin’s weekend price surge quickly reversed after United Arab Emirates (UAE) regulators rejected a claim that staking the cryptocurrency could qualify investors for the country’s coveted Golden Visa.
The TON Foundation had promoted a scheme suggesting that applicants could obtain a 10-year UAE residency by locking up US$100,000 (AU$153,229) in Toncoin and paying a US$35,000 (AU$53,630) fee.
Ton Foundation CEO Max Crown promoted the offer as a unique alternative to traditional visa routes involving real estate or government bonds. The post gained traction after being reshared by Telegram founder Pavel Durov. In response, Toncoin jumped 10% to a high of US$3.03 (AU$4.64), but the rally was short-lived.
Related: TON Blockchain Briefly Halts Block Production in Swift 40-Minute Outage
UAE Regulators Confirm Toncoin Has No Residency Link
On Monday, the Emirates News Agency published a joint statement from several government bodies including the Securities and Commodities Authority and Virtual Assets Regulatory Authority, denying the programme’s legitimacy. Officials clarified that digital asset investments are governed by separate regulations and are not considered a valid basis for residency. They also noted that Toncoin is not licensed or regulated in Dubai.
Following the official response, Toncoin fell to US$2.84 (AU$4.35), shedding 6% from its peak. UAE regulators urged investors to rely on official sources and cautioned against misinformation, particularly involving financial incentives linked to immigration.
The Golden Visa programme, introduced in 2019, is intended to attract high-value talent and investment. Eligibility remains strictly limited to criteria such as owning AED 2 million (AU$837,175) in public investments or operating a government-recognised entrepreneurial venture.
Related: Dubai Regulator Greenlights Ripple’s RLUSD Stablecoin for Use in DIFC
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