UAE Authorities Dismiss TON Foundation’s Golden Visa Claims as False

A post by the CEO of the TON Foundation has sparked excitement within the crypto world,  and sent Toncoin’s price soaring. But just as quickly as the hype built up, UAE authorities hopped in to clear the air.

Here is a breakdown of what really happened.

The Viral Claim: “Stake Toncoin, Get a UAE Golden Visa”

The CEO of the TON Foundation, Max Crown, had posted on social media that people could now qualify for the UAE’s well known Golden Visa by staking Toncoin.

According to Crown, staking $100,000 worth of Toncoin for three years, and with a one-time processing fee of $35,000, would allow you for a 10-year Golden Visa, a visa that is usually gone after by businesspeople, investors, and entrepreneurs looking to live in the UAE long-term.

As soon as the news broke out, Toncoin shot up by 12%, hitting nearly $2.90. So many in the crypto community believed that this was a sign of growing acceptance of digital currencies in the UAE, a country that is known for its forward thinking style of technology and finance.

UAE Regulators Respond: “This Is Not True”

But by Monday, the mood changed. Three of UAE’s top regulatory bodies, ICP, SCA, and Dubai’s VARA, have come together to shut down the claim, saying that it simply is not true. 

They made it clear that there is no such program that allows you to get a Golden Visa just by staking cryptocurrency.

ICP stated that digital currency investors are not currently included in any of the Golden Visa categories. VARA also confirmed that TON is not licensed or regulated in Dubai, which means it can’t legally offer such services linked to UAE immigration or government benefits.

What Might Have Caused the Confusion?

This isn’t the first time the lines between tech announcements and government policy have been blurred.

Just a few months ago, Telegram founder Pavel Durov revealed a possible partnership with Elon Musk’s AI company, xAI. But Musk said later on the deal hadn’t been signed yet. These kinds of mixed up signals can lead to a lot of confusion, and in a fast-moving area like crypto, that confusion tends to spread really quickly.

Where Things Stand Now

While the TON Foundation hasn’t yet issued a follow-up statement, the initial post created enough buzz to move markets. Toncoin has dropped slightly since regulators stepped in, but the price remains higher than it was before the weekend.

For investors and crypto enthusiasts, this incident is a great reminder to always wait for official confirmation, especially when something sounds a little too good to be true.

Final Thoughts

The UAE stands tall in being the leader in supporting innovation and digital finance, but it’s also clear that the government is serious about regulation. Golden Visas are a big deal,  and tying them to crypto staking without proper approval is not something they take lightly.

As the world of blockchain and government policy continues to collide, one thing is certain: clarity and trust are more important than hype.

The post UAE Authorities Dismiss TON Foundation’s Golden Visa Claims as False appeared first on Coinfomania.