tl;dr
The UAE has denied rumors that staking $100,000 in Toncoin (TON) grants a 10-year golden visa, clarifying that digital currency investments do not qualify for long-term residency. The denial came after Toncoin’s team promoted a partnership offering such visas for staking TON, which caused a price su...
The United Arab Emirates (UAE) has firmly denied viral rumors claiming that staking $100,000 worth of Toncoin (TON) could secure investors a 10-year golden visa. In a rare joint statement, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), along with financial regulators SCA and VARA, clarified that digital currency investments do not qualify for long-term residency permits. This announcement aimed to quell social media speculation that had escalated rapidly.
The controversy sparked after Toncoin’s team publicized a partnership with The Open Network and the UAE, advertising a 10-year golden visa for staking $100,000 in TON for three years, which would include family members and promise an estimated 3-4% annual percentage yield with a $35,000 government fee. The narrative gained momentum when Telegram founder Pavel Durov retweeted the news, propelling Toncoin’s price to surge over 10%, peaking above $3.00 on July 6, marking its highest point in 19 days and significantly increasing trading volume.
The initial excitement was echoed by figures like Kashif Raza, founder of Bitinning, who highlighted how countries attract talent with innovative ideas such as crypto incentives. Similarly, Binance founder Changpeng Zhao (CZ) showed cautious optimism but advised thorough verification, noting the high government fee compared to typical agent costs near $1,000.
Despite these buzzworthy endorsements on social media, UAE authorities issued a clear rejection. The joint ICP, SCA, and VARA proclamation explicitly dismissed reports that linked golden visa eligibility to digital currency investments. They emphasized that eligibility is strictly tied to established criteria like real estate, entrepreneurship, and specialized skills, not crypto staking. The ICP urged investors to rely only on official information and warned against unverified advertisements, while VARA confirmed TON lacks licensure or regulatory oversight under its framework and recommended engagement with licensed entities only. CZ later shared the official denial, reminding followers to “Do Your Own Research” (DYOR).
Toncoin’s price fluctuations illustrate the rumor's fleeting influence. Following the initial surge above $3.00, the coin’s value dipped to $2.73 after the official denial, ultimately stabilizing around $2.83—a 6.6% decrease from its intraday high. This episode underscores the market’s acute sensitivity to regulatory clarity and highlights how swiftly speculation can sway crypto valuations before official statements ground investor confidence.