Toncoin (TON) Plummets After UAE Denies ’Golden Visa’ Rumors for Stakers—What’s Next?
Toncoin holders got a brutal reality check this week as the UAE slammed the door on speculation about crypto staking rewards leading to residency perks.
The 'Golden Visa' dream collapses
Market chatter about TON stakers securing UAE residency visas turned out to be just that—chatter. The abrupt denial triggered a selloff, proving once again that in crypto, not all that glitters is gold (or even golden visa-worthy).
Anatomy of a crypto correction
The TON price action shows how quickly hype can evaporate when regulatory clarity hits. No fancy footwork could save this dive—just old-fashioned panic selling when promised perks failed to materialize.
Silver lining for true believers?
While the visa debacle stings, Toncoin's underlying tech remains unchanged. The project now faces its real test: proving it's more than just another crypto chasing regulatory pipe dreams. After all, since when do governments give something for nothing? (Spoiler: They don't—unless you're a bank in 2008.)
The UAE’s Golden Visa program
The Golden Visa allows holders to live and work in the UAE, which includes crypto hub Dubai, for up to ten years, and even bring family members. Under regular circumstances, requirements for the visa can be onerous, including making real estate investments of over $500,000.
On Monday, the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the VIRTUAL Assets Regulatory Authority (VARA) issued a joint statement "denying reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies."
The authorities added that the company TON "is neither licensed nor regulated by VARA” and "urged the public and investors to exercise caution and refer to official government websites" for accurate information.
Well-known crypto figures beat the UAE's regulators to the punch in urging caution on the scheme.
I am a supporter of Durov, especially given his current situation.
But I like to "trust but verify".
I'd expect something like this to have a government partnership, and announcement.
It might still be true, just saying I haven't been able to verify.
— CZ 🔶 BNB (@cz_binance) July 6, 2025
Binance founder and former CEO Changpeng Zhao told his followers he likes to "trust but verify," adding that he'd "expect something like this to have a government partnership, and an announcement."
