Toncoin (TON), the native cryptocurrency of The Open Network, has dropped 6% from its recent 24-hour high after the United Arab Emirates (UAE) authorities denied claims linking TON staking to the country’s golden visa program.
On Sunday, Toncoin briefly surged 10% to $3.03 following an announcement by The Open Network that staking $100,000 worth of TON for three years could make investors eligible for the UAE’s highly sought-after golden visa. The claim suggested that, along with staking, a one-time processing fee of $35,000 would secure a 10-year residency.
The hype escalated further when Telegram CEO Pavel Durov amplified the statement by reposting a tweet from crypto influencer Ash Crypto on X (formerly Twitter). However, Durov has not issued any official comment on the matter.
🇦🇪 Update: UAE gov has confirmed you can’t get a Golden Visa by investing in crypto.
Bummer for $TON buyers, it’s ~6% down from today’s high and the news came out around an hour ago. 🫨 https://t.co/G2BydgTMFJ pic.twitter.com/LXxcqyh2ZE
— Sanjay (@SanjayWeb3) July 6, 2025
The excitement was short-lived. On Monday, the Emirates News Agency published a joint statement from the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, categorically denying the claim.
“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud,” the Emirates News Agency clarified.
As a result, Toncoin’s price slipped back to $2.84 at the time of writing, marking a 6% decrease from its 24-hour peak.
What Is the UAE Golden Visa?
Introduced in 2019, the UAE’s golden visa is a long-term residency initiative designed to attract skilled professionals, investors, entrepreneurs, and scientists to live, work, and study in the Emirates without the need for a national sponsor.
Eligibility criteria are stringent. Skilled professionals such as doctors, researchers, and scientists can qualify, while investors must hold public investments valued at no less than 2 million AED (approximately $544,000). Entrepreneurs can also apply if they own a registered tech-based startup recognized by the UAE authorities.
The Emirates News Agency reiterated that digital asset holdings, including cryptocurrencies such as Toncoin, do not qualify as valid investments under the Golden Visa requirements.
Investor Caution Urged
This incident highlights the importance of verifying crypto-related claims through official channels. The UAE regulators emphasized that only authorized information should be trusted to avoid falling victim to scams or misleading promotions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
