#Ton

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𝙏𝙤𝙣𝙘𝙤𝙞𝙣 𝙋𝙧𝙞𝙘𝙚 𝘿𝙧𝙤𝙥𝙨 10% 𝘼𝙨 𝙐𝘼𝙀 𝘼𝙪𝙩𝙝𝙤𝙧𝙞𝙩𝙞𝙚𝙨 𝘾𝙖𝙡𝙡 𝙏𝙊𝙉 𝙂𝙤𝙡𝙙𝙚𝙣 𝙑𝙞𝙨𝙖 𝙊𝙛𝙛𝙚𝙧 𝙐𝙣𝙤𝙛𝙛𝙞𝙘𝙞𝙖𝙡

Toncoin price drops 10% after UAE authorities deny involvement in the golden visa offer, stating the program is not recognized by any official government body.

Toncoin price saw a sharp 10% decline after UAE authorities publicly refuted claims that staking the cryptocurrency could qualify investors for a Golden Visa. The correction follows a brief surge in the Toncoin price earlier when the project’s official website launched a promotional campaign offering a UAE Golden Visa to users who stake at least $100,000 worth of TON.

In a joint statement released on July 6, three UAE regulatory bodies, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), denied reports that Toncoin staking could lead to eligibility for the country’s Golden Visa program.

The ICP stated that Golden Visas are awarded only based on specific guidelines that focus on areas like real estate, science, technology, entrepreneurship, and humanitarian work. Cryptocurrency investors do not qualify.

Furthermore, both the SCA and VARA stated that digital assets are under different rules that do not relate to the Golden Visa system. VARA also noted that TON does not have a license or regulation from its office, and any connection to the visa program is unauthorized.

Notably, Binance founder Changpeng Zhao expressed doubts about the legitimacy of the offer from the Ton Foundation. As Coingape reported, CZ pointed out conflicting information in their announcement. He also questioned why there was no official press release from the government in support of the initiative.