UAE Authorities Deny Toncoin Golden Visa Scheme
- UAE authorities deny the Toncoin residency link following misleading promotions.
- The incident led to a 6% drop in TON’s price.
- Crypto markets remain sensitive to regulatory shifts and public announcements.
The UAE’s regulatory bodies have denied any association between Toncoin staking and the Golden Visa program, refuting claims previously circulated online. This has triggered notable reactions across the cryptocurrency market.
The UAE’s Federal Authority for Identity, Citizenship, Customs & Port Security, alongside the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, issued a joint statement debunking the Toncoin staking-linked Golden Visa offer. Despite the UAE’s comprehensive denial, The Open Network (TON) continued promoting this false claim on its platforms, offering residency in return for staking $100,000 in TON.
This misinformation resulted in a market dip, with Toncoin’s price dropping by approximately 6%. Notable crypto figures publicly acknowledged the falsehoods, further cementing doubts within the investment community. Sanjay (@SanjayWeb3), a notable KOL, said:
🇦🇪 Update: UAE gov has confirmed you can’t get a Golden Visa by investing in crypto. Bummer for $TON buyers, it’s ~6% down from today’s high and the news came out around an hour ago.
Crypto analysts observed that such unverified claims have historical precedence, with many jurisdictions issuing warnings about similar instances. These promotions often target minor altcoins, resulting in regulatory interventions.
The lack of institutional backing and official ties further emphasized the speculative nature of this venture. Analysts continue to monitor the market for any lasting impacts on TON, with discussions ongoing about the responsibility of the platforms and leaders involved.
Overall, this situation highlights regulatory vigilance in the crypto space and emphasizes the importance of verifying claims through official channels before making investment decisions. Such events reinforce the need for transparency and regulated engagements in the cryptocurrency market.
