UAE Authorities Debunk Reports of Getting Golden Visa by Staking Toncoin
The United Arab Emirates (UAE) has officially denied reports that its Golden Visa program allows acquisition through Toncoin (TON) staking. A joint statement released on Monday by the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) categorically refuted claims made by Max Crown, CEO of the TON Foundation. Crown had announced on X (formerly Twitter) that a 10-year Golden Visa was obtainable by staking $100,000 worth of TON for three years, along with a $35,000 processing fee. This announcement sent TON’s price surging by 12%, reaching nearly $2.9.
The UAE’s statement emphasized that current Golden Visa frameworks do not include provisions for digital currency investors. Furthermore, VARA explicitly stated that TON is neither licensed nor regulated within Dubai. This official denial directly contradicts Crown’s assertions, leaving the cryptocurrency community divided between excitement and skepticism. The discrepancy highlights the importance of verifying information from official sources before making investment decisions based on potentially misleading announcements.
The situation underscores the challenges and complexities of navigating the evolving regulatory landscape surrounding cryptocurrencies and investment immigration programs. While Crown’s announcement generated considerable market interest and a significant price increase for TON, the UAE’s swift and decisive rebuttal serves as a cautionary tale regarding the potential for misinformation to influence market sentiment.
The incident also raises questions about the credibility of announcements made by individuals or organizations associated with specific crypto projects. Investors are urged to exercise due diligence and rely only on confirmed information from official government channels and regulatory bodies before acting on any information related to investment opportunities and immigration programs. The situation with TON and the UAE Golden Visa serves as a prime example of the need for careful scrutiny in the volatile world of cryptocurrencies and investment schemes.
