Toncoin (TON) Faces Backlash as UAE Denies Golden Visa Claims for Crypto Investors
UAE authorities have issued a joint statement refuting claims by The Open Network (TON) that its staking program could secure golden visas for crypto investors. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), alongside the Securities and Commodities Authority (SCA) and the VIRTUAL Assets Regulatory Authority (VARA), clarified that no such program exists. TON's proposal—staking $100,000 worth of its token for three years plus a $35,000 fee—was dismissed as misinformation.
The SCA emphasized that cryptocurrency investments fall under existing regulatory frameworks and are unrelated to residency eligibility. Toncoin (TON) dropped 6% following the announcement, highlighting market sensitivity to regulatory clarity. Investors are urged to rely on official channels for visa-related information.