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 accepts Toncoin (TON) as a qualifying investment. This contradicts a weekend announcement by Max Crown, CEO of the TON Foundation, who claimed that staking $100,000 worth of TON for three years, along with a $35,000 processing fee, would secure a 10-year Golden Visa. This assertion caused a significant 12% surge in TON’s price, reaching almost $2.9.
However, a joint statement released on Monday by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) explicitly refutes Crown’s claims. The ICP clearly stated that current Golden Visa frameworks do not include provisions for digital currency investors. Furthermore, VARA emphasized that TON is neither licensed nor regulated within the UAE. This official denial directly contradicts the narrative promoted by Crown and the TON Foundation.
The conflicting information highlights the importance of verifying information from official sources, particularly regarding government programs and regulatory compliance. The swift price increase of TON following Crown’s announcement underscores the impact of unsubstantiated claims on cryptocurrency markets. Investors should exercise caution and rely on verified information from official channels before making decisions based on potentially misleading announcements. The discrepancy also raises questions about the accuracy of information disseminated by cryptocurrency project leaders and the potential for market manipulation through such announcements. The UAE’s clear and decisive rebuttal underscores its commitment to transparency and regulatory clarity in the cryptocurrency space. This incident serves as a cautionary tale, highlighting the need for thorough due diligence and reliance on official sources before engaging in investments or transactions related to cryptocurrency projects or government initiatives. The lack of official regulatory approval for TON in the UAE, coupled with the government’s strong denial of the Golden Visa connection, effectively invalidates Crown’s claims.
