Toncoin (TON) fell 6% after UAE authorities denied information that staking TON would qualify for a golden visa.
Previously, The Open Network claimed that staking 100,000 USD TON for 3 years along with a processing fee of 35,000 USD would qualify for a UAE golden visa, causing the price of TON to soar but then plummet when this information was denied.
MAIN CONTENT
UAE denies granting golden visas based on staking TON.
Binance CEO, CZ, doubts the authenticity and believes the processing fee is inflated.
The UAE government affirms that the golden visa is based on investment and other official criteria, unrelated to digital assets.
What is Toncoin and information about the UAE golden visa staking program?
The Open Network (TON) stated that users staking 100,000 USD TON for 3 years and paying a processing fee of 35,000 USD may qualify for a UAE golden visa. This information was reposted by Telegram CEO Pavel Durov, raising hope in the cryptocurrency community.
However, according to trading data, the price of TON rose to 3.03 USD after the announcement, then dropped 6% to 2.84 USD when the news was denied.
Doubts about the transparency and true intentions of The Open Network
Binance CEO, CZ, expressed doubts about the authenticity of the information. He emphasized that the fee of 35,000 USD is unusually high, while agents typically only charge around 1,000 USD.
Toncoin is unclear about the information and has not received official confirmation from the UAE government. I trust but always want to verify before asserting.
Changpeng Zhao (CZ), CEO of Binance, June 2024
Additionally, the community also questions the possibility of official cooperation between TON and the UAE, while warning of the risk of losing money when the news has not been verified.
How does the UAE respond to information regarding the golden visa related to staking TON?
UAE government agencies, including the National Authority for Identification, Citizenship and Port Security, and the Digital Assets Regulatory Authority, have officially rejected granting golden visas based on ownership of digital assets like TON.
They assert that cryptocurrency investments have their own laws and regulations, unrelated to the golden visa issuance standards.
The issuance of golden visas does not apply to cryptocurrency investors but is based solely on real estate and business investment criteria as per current regulations.
Emirates News Agency, spokesperson stated, June 10, 2024
Who is actually eligible for the UAE golden visa?
Since 2019, the UAE government has granted golden visas to individuals with a minimum real estate investment of 2 million AED, business investment, or tax contributions of at least 250,000 AED each year, as well as approved technical professionals, scientists, and entrepreneurs.
The golden visa is also available for retirees, outstanding students, artists, and individuals with a minimum monthly income of 30,000 AED.
Requirements for the UAE golden visa Staking statement for TON Minimum investment Real estate ≥ 2 million AED,
Business investment ≥ 250,000 AED/year Staking 100,000 USD TON + processing fee 35,000 USD Target group Professionals, entrepreneurs, scientists, artists, retirees, students No official basis Validity period Golden visa valid for 10 years Promoted 10 years golden visa
How does misinformation impact the market and investors?
The sudden 6% drop of TON is a manifestation of the cryptocurrency market reacting strongly to inaccurate rumors. Users need to be cautious, verify information from official sources to avoid capital loss risks.
CEOs of major exchanges like Binance often warn about 'trust but verify' to emphasize the necessity of verifying news in the volatile cryptocurrency sector.
Frequently asked questions
Will staking TON qualify for a UAE golden visa?
As of now, UAE authorities do not recognize staking TON as qualifying for a golden visa.Is the processing fee of 35,000 USD reasonable?
This fee information is highly suspected to be much higher than the actual agency fee, and has not been officially verified.What criteria does the UAE grant golden visas based on?
Minimum real estate investment of 2 million AED, business investment, or qualifying income, not based on cryptocurrency.How to verify the authenticity of cryptocurrency information?
Users should check announcements from government agencies, the official website of the project, and reputable organizations.How does fake news impact the price of TON?
Incorrect rumors caused the price of TON to fluctuate sharply, rising and then falling 6%, significantly affecting investor sentiment.
Source: https://tintucbitcoin.com/ton-giam-6-sau-phu-nhan-visa-vang/
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