The post UAE Slams TON’s “Crypto Golden Visa” Pitch—Token Plummets 7% on Official Rebuttal appeared on BitcoinEthereumNews.com.

Toncoin briefly spiked after a visa claim but crashed 6% once UAE regulators denied it. UAE confirmed crypto staking doesn’t qualify for Golden Visa, warning against unofficial online offers. The United Arab Emirates has officially rejected claims surrounding a “Golden Visa” offer tied to cryptocurrency, leading to a 7% drop in the price of Toncoin (TON), but it has since then recovered. The rejection came through a joint statement released on Monday by three federal authorities, firmly discrediting the residency-through-staking pitch made by The Open Network. The token had briefly surged 10% to $3.05 on Sunday after TON promoted a program that suggested crypto holders could secure 10-year UAE visas by staking digital assets. At the time of press, the coin is priced at $2.79. The promotion claimed that individuals could stake $100,000 worth of TON for three years and pay a $35,000 processing fee to become eligible for long-term residency. By Monday, UAE authorities pushed back, calling the claims false and unverified. Toncoin’s rise reversed quickly, with its value dropping back to $2.80 after the clarification. Authorities Warn Public Against Unverified Offers The joint statement was issued 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). These regulators made it clear that no such crypto-based visa program exists under UAE law. They also cautioned residents and investors against engaging with non-approved offers circulated online. The SCA reiterated that investment in crypto is regulated under established policies and has no connection to visa qualification. It advised individuals to consult official government sources to avoid being misled by false promotional material. Meanwhile, VARA specified that The Open Network is neither registered nor licensed under its jurisdiction. It urged crypto participants to deal only with firms…

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Filed under: News - @ July 7, 2025 10:21 am