The cryptocurrency Toncoin (TON) found itself at the center of controversy after the United Arab Emirates officially denied claims that staking the token qualifies investors for the prestigious golden visa program. The fallout? A sharp 6% drop in TON’s price following a short-lived surge.

🎯 The Announcement That Sparked a Storm

Over the weekend, The Open Network (TON) announced that users who stake $100,000 worth of TON for three years would become eligible for a 10-year UAE golden visa, with an additional $35,000 processing fee.

Markets reacted swiftly — TON jumped 10%, reaching $3.03. But once UAE authorities denied the claims, the token fell back to $2.84 — a 6% loss within 24 hours.

🚨 UAE Authorities Warn Against Misinformation

Key Emirati agencies — including the Federal Authority for Identity and Citizenship, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority (VARA) — issued statements clarifying that holding cryptocurrencies does not entitle anyone to a golden visa.

They emphasized that crypto investments fall under separate regulatory frameworks and have no bearing on immigration or residency rights. Officials urged investors to rely strictly on official sources to avoid falling victim to misleading claims or scams.

🤔 Crypto Community Voices Skepticism

The crypto space reacted with caution. CZ (Changpeng Zhao), founder of Binance, warned that many suspect TON's real intent was to charge a $35,000 fee for visa application forwarding, while similar services typically cost around $1,000.

CZ also criticized the vague language used in the announcement and stated he couldn't confirm any legitimate government approval for the scheme — despite some users claiming that the RAK DAO (Ras Al Khaimah) might be involved.

🧩 Durov’s Post Adds Fuel, Musk Comparison Resurfaces

Telegram founder Pavel Durov further stirred the conversation by reposting a tweet from influencer Ashe Crypto, promoting the TON visa claim. While Durov did not officially endorse the announcement, his share gave the impression that the offer was legitimate.

Skeptical users recalled a previous case when Durov hinted at a partnership with Elon Musk’s X, which Musk himself later publicly denied. Concerns are now growing that this could again lead to financial losses for hopeful investors.

🏙 How UAE Golden Visas Actually Work

The UAE’s Golden Visa program was launched in 2019 to attract top global talent and investors. Criteria include:

🔹 Real estate investments of at least 2 million AED

🔹 Business investors or taxpayers contributing 250,000 AED/year or more

🔹 Qualified professionals earning 30,000 AED/month or more

🔹 Scientists, creatives, retirees, and high-achieving students

Cryptocurrencies are currently not among the official criteria for golden visa eligibility.

🔍 Key Takeaways:

🔹 TON price dropped after UAE denied visa partnership

🔹 Authorities urge caution and stress using official sources

🔹 Crypto holdings don’t guarantee UAE residency

🔹 Durov’s involvement raises concerns

🔹 Misinformation could lead to financial harm




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