The Open Network’s native cryptocurrency, #TONCOİN (TON), experienced heightened volatility after the United Arab Emirates (UAE) officially denied claims that staking $TON could qualify investors for the country’s long-term golden visa program. The fallout led to a 6% drop in the token's price within 24 hours, reversing gains from a brief rally sparked by the original announcement.
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🚨 Controversial Announcement Sparks Market Turbulence
Over the weekend, The Open Network (TON) announced that individuals who stake $100,000 worth of TON for three years, along with a $35,000 processing fee, would become eligible for a 10-year UAE golden visa.
The announcement triggered an immediate reaction from the market — #TON surged 10% to $3.03. However, the rally was short-lived. UAE authorities swiftly denied the claim, leading to a price correction down to $2.84, a 6% loss.
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📢 UAE Authorities Denounce Visa-Staking Claims
Several key government entities, including the Federal Authority for Identity and Citizenship, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority (VARA), issued formal statements denying any connection between cryptocurrency holdings and eligibility for golden visas.
Authorities emphasized that crypto assets are not recognized as a qualifying investment under existing immigration regulations. They warned investors to rely solely on official government channels to avoid misinformation and potential scams.
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🧠 Crypto Community Raises Questions
The crypto community responded with skepticism. Changpeng Zhao (CZ), founder of Binance, publicly questioned the legitimacy of the TON visa program. He speculated that the $35,000 fee may have been intended merely for processing applications — a service that typically costs less than $1,000.
CZ also highlighted the lack of clarity and official endorsement in the announcement, noting that any claims involving entities like RAK DAO (Ras Al Khaimah Digital Assets Oasis) remained unverified.
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📱 Durov’s Involvement Adds to the Confusion
Telegram founder Pavel Durov fueled speculation by reposting a tweet from crypto influencer Ashe Crypto, promoting the TON visa offer. While Durov did not explicitly endorse the program, his amplification of the message led many to assume the claim had credibility.
This incident reignited memories of a previous case in which Durov alluded to a partnership with Elon Musk’s platform X — a claim Musk later publicly refuted. Critics worry that Durov’s social media activity could again lead to investor misinformation and financial losses.
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🏛 Understanding the UAE Golden Visa Program
Introduced in 2019, the UAE Golden Visa program aims to attract global talent and long-term investors. Current eligibility criteria include:
Real estate investments of at least 2 million AED
Business investors contributing 250,000 AED/year or more in taxes
Highly skilled professionals earning 30,000 AED/month or above
Recognized scientists, creatives, retirees, and high-achieving students
Notably, cryptocurrency investments are not listed as a pathway to visa eligibility under UAE regulations.
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🔍 Summary and Implications
TON’s price declined by 6% after UAE officials denied any visa-related partnership
Government agencies issued warnings about misinformation and scams
Cryptocurrency holdings do not qualify for UAE residency or golden visas
Durov’s role has sparked debate over responsible communication
Investor caution is strongly advised in light of unverified claims
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