The native cryptocurrency of The Open Network, Toncoin (TON), has dropped 6% from its highest point in the past 24 hours after UAE regulators denied information that staking TON could open up residency opportunities in the UAE.
On Sunday, the price of TON surged by 10% to $3.03 after The Open Network announced that applicants staking $100,000 of TON for three years would qualify for the UAE golden visa program. However, the value of this coin decreased again after the Emirates News Agency issued a joint statement from several regulatory bodies denying this information.
Currently, Toncoin is trading at $2.84, recording a 6% decrease from its highest point in the past 24 hours.
TON Price Chart | Source: Bitcoin Magazine
UAE denies information about the golden visa
Toncoin has announced that applicants staking $100,000 worth of TON for three years and paying a one-time processing fee of $35,000 will qualify for a 10-year golden visa. Telegram CEO, Pavel Durov, contributed to raising doubts about this information by sharing an announcement from cryptocurrency influencer, Ash Crypto, on platform X on Sunday, although he did not provide an official comment.
However, on Monday, the Emirates News Agency reported that the Federal Authority for Identity, Citizenship, Customs, and Port Security, the Securities and Commodities Authority, along with the Virtual Assets Regulatory Authority confirmed that the golden visa is not granted to digital asset holders. They also emphasized that investments in cryptocurrencies are regulated by specific regulations and are unrelated to qualifying for a golden visa.
"The agency confirmed that investments in cryptocurrencies must comply with specific regulations and are unrelated to qualifying for a golden visa. They recommend investors consult information from official and reliable sources to avoid falling into misinformation or scams," the Emirates News Agency stated.
Information about the golden visa
The golden visa is a type of long-term residency visa introduced by the UAE government in 2019 to attract talent to the region. This visa allows foreign nationals to live, work, and study in the UAE without the need for a national sponsor, with visa durations ranging from five to ten years, according to information from the Federal Authority for Identity, Citizenship, Customs, and Port Security.
To qualify for a golden visa, applicants must meet strict criteria, including possessing special skills such as doctors, scientists, or researchers. Investors can also receive a golden visa if they have public investments worth at least 2 million UAE dirhams (approximately $544,000). Additionally, entrepreneurs may qualify if they own a registered startup recognized by UAE authorities, operating in the technology sector.
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