Toncoin experiences a 6% drop following UAE's denial of Golden Visa staking allegations
In a recent turn of events, the Dubai Virtual Assets Regulatory Authority (VARA) has issued a statement regarding TON's staking program, which offered a UAE Golden Visa in exchange for staking TON cryptocurrency. However, the UAE government has denied any official involvement or endorsement of this program.
The TON Foundation announced the program on July 6, 2025, promising a more affordable entry point into the UAE compared to traditional options, such as significant investments in real estate or business. The program required applicants to stake $100,000 worth of Toncoin for three years and pay a $35,000 processing fee to secure a 10-year UAE Golden Visa. The offer was promoted as a cost-effective alternative, causing Toncoin to surge over 12%, reaching $3.03.
However, the Emirates News Agency released a statement confirming that golden visas are not available to crypto holders, and no blockchain or token investment qualifies for residency. Furthermore, TON was noted not to be licensed or regulated by VARA. The news of the staking program's illegitimacy caused Toncoin to experience a significant price dip, falling 6% to $2.84.
The UAE regulators, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) and the Securities and Commodities Authority (SCA), have officially refuted the claims about the staking program providing a UAE Golden Visa. The incident serves as a reminder of the risks involved in crypto investing and the importance of verifying bold claims before making investments.
CEO Max Crown has not released any further statements or explanations since the regulators' refutation. As of 2.29 PM, Toncoin shows a loss of 6.75% to $2.79. The price dip reflects investor disappointment and questions about TON Foundation's credibility.
In light of these developments, investors in the UAE should remain cautious and remember that hype without government backing can quickly turn into costly confusion. It is crucial to rely only on official sources when making investment decisions. The founder of TON, Pavel Durov, shared the announcement on X, adding credibility, but the UAE government's denial undermines the legitimacy of the program.
- Despite the TON Foundation's promise, investing in the staking program offering Toncoin as a means to secure a UAE Golden Visa is not officially endorsed or regulated by the UAE government, as stated by the Securities and Commodities Authority (SCA) and the Emirates News Agency.
- Given the illegitimacy of the staking program and the UAE government's denial, investing in Toncoin carries significant risks, serving as a stark reminder of the importance of verifying claims before making investment decisions and relying only on official sources for accurate information.
