A weekend promise of instant residency through cryptocurrency has crumbled. United Arab Emirates authorities forcefully rejected claims linking Toncoin staking to its prized Golden Visa program. This swift denial followed a misleading announcement that briefly sent Toncoin prices soaring. Major government bodies united to set the record straight. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) took the lead. Furthermore, the Securities and Commodities Authority (SCA) joined the effort. Crucially, Dubai’s crypto watchdog, VARA, also signed the Monday statement. They collectively dismissed the Toncoin scheme as false.
Foundation’s Bold Announcement
Excitement erupted Saturday when Max Crown, CEO of the TON Foundation, made a stunning claim. Crown announced via social media platform X that Toncoin holders could secure a UAE Golden Visa. His specific plan involved staking $100,000 worth of Toncoin. Additionally, applicants needed to pay a hefty $35,000 processing fee. This three-year staking commitment, he said, unlocked the 10-year residency permit. Unsurprisingly, the crypto market reacted instantly. Toncoin’s value surged approximately 12% following Crown’s post. Prices jumped close to $2.90 per coin. Investors appeared eager to seize this perceived opportunity. However, official channels remained conspicuously silent.
UAE Agencies Issued Denial
Government reaction arrived decisively the next day. Monday saw a unified rebuttal published by the Emirates News Agency (WAM). Authorities labeled the Toncoin visa offer completely baseless. “Golden visa frameworks still do not include digital currency investors,” the ICP stated plainly. This clarification directly countered the TON Foundation’s weekend pitch.
VARA delivered another critical blow. The regulator explicitly stated Toncoin lacks licensing in Dubai. Moreover, VARA confirmed TON is not regulated for visa purposes locally. Following this, the purported program held no official standing whatsoever. Authorities urged extreme public caution regarding such claims.
Market Rollercoaster
Toncoin investors experienced a sharp, disappointing reversal. Prices tumbled roughly 6% after the official UAE denial. Values retreated back near $2.84-$2.90 territory. This erased most of the weekend’s speculative gains. Trading volume surged dramatically during the volatility, highlighting intense market nerves.
Skepticism actually surfaced even before the government’s response. Some crypto experts questioned the program’s legitimacy online. They noted the absence of official backing immediately. Furthermore, the unusually high $35,000 fee raised significant eyebrows. This fee starkly contrasted standard UAE visa application costs.
Clarity and Caution for Investors
UAE authorities delivered a clear warning to the public. They stressed verifying residency information exclusively through official government sources. Relying on third-party announcements invites serious risk. Misinformation and potential scams remain significant threats, officials emphasized.
This incident highlights the Golden Visa’s strict, unchanged requirements. Eligibility demands substantial real investment or specific professional status. Traditional routes require at least $540,000 in real estate or fixed deposits. Alternatively, skilled professionals need high monthly salaries. Digital currencies simply don’t feature in the current framework. The TON Foundation has not yet publicly addressed the UAE’s categorical rejection. Investors are left navigating the aftermath of a briefly tantalizing, ultimately false promise. Authorities hope this swift action prevents future confusion. Always check official channels for visa rules, they strongly advise.
Written By Fazal Ul Vahab C
