Skip to content
- Toncoin drops 6% after UAE regulators reject claims that staking leads to golden visa eligibility.
- UAE regulators clarify that digital asset investments do not affect eligibility for the golden visa program.
- The UAE golden visa requires specific criteria, including large investments or specialized professional skills.
Ton coin cryptocurrency (TON) lost 6% of its value following a declaration by UAE regulators that staking the coin did not create an opportunity to earn a golden visa in the country. On Sunday, the price reached $3.03, following The Open Network announcing that investors would receive the visa by staking 100,000 Toncoin for three years. But the enthusiasm did not last long.
The applicants will have to meet the requirements of the golden visa, a long-term residency scheme launched by the UAE in 2019. According to the Open Network, individuals stake 100,000 dollars worth of Toncoin, with a processing fee of 35,000 dollars to become eligible to receive the visa. The message was fueled by Telegram CEO Pavel Durov, who released the message on X by Ash Crypto, a crypto industry influencer, on Sunday but did not comment.
Toncoin Price Drops
On Monday, though, the Emirates News Agency released a joint statement by a series of UAE regulators that rejected the claim. The Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority also explained that holders of digital assets cannot obtain the golden visa. The regulators have explained that the investments in digital currencies are under varied regulatory considerations and will not have any impact on program eligibility.
Source: TON
This declaration encouraged investors to refer to reliable sources of information to avoid being victims of fraud and lies. The price of Toncoin immediately decreased by 6% and reached $2.84 after the news announcement.
UAE Golden Visa Requirements
The golden visa scheme was aimed at enticing talented workers, investors, and entrepreneurs to the UAE. There are certain requirements, including individuals who are entering specialized talents, investing heavily in the community. And a well-established tech startup. Investors should possess publicly held investments of at least 2 million UAE dirhams (approximately) $544,000 in order to qualify.
This event indicates the instability of the cryptocurrency market. It shows the effects of unproven arguments on the drastic changes in price. Investors are cautioned not to be deceived and to check on official information sources. This regulatory transparency in the UAE seeks to ensure that investors are not misinformed. As well as stabilize the cryptocurrency and golden visa market.
