Recent reports suggesting that individuals can acquire the United Arab Emirates (UAE) Golden Visa by staking Toncoin (TON) have been firmly refuted by relevant authorities. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s crypto regulator, the Virtual Assets Regulatory Authority (VARA), issued a statement on Monday clarifying the situation.
The ICP emphasized that the current frameworks for golden visas do not include digital currency investors. VARA echoed this sentiment, stating that Toncoin is neither licensed nor regulated by its authority. This clarification comes after Max Crown, CEO of the TON Foundation, made statements on social media regarding the potential for Toncoin holders to obtain the much-coveted Golden Visa through staking.
Crown had claimed that individuals who stake $100,000 worth of Toncoin for three years, accompanied by a one-time processing fee of $35,000, could qualify for a 10-year Golden Visa. Following his announcement, Toncoin experienced a significant surge of 12%, rising to nearly $2.9.
This situation comes on the heels of prior developments in the crypto and tech sectors, including Telegram founder Pavel Durov’s mention of a partnership with Elon Musk’s artificial intelligence firm, xAI. However, Musk later indicated that the deal had not yet been finalized.
While the excitement surrounding the potential for Toncoin to serve as a pathway to residency in the UAE was palpable, the official denial by UAE authorities highlights the complexities and regulatory challenges inherent in the evolving landscape of cryptocurrency.
For further insights, read more: TON Surges on UAE Golden Visa News; Crypto Community Reacts With Excitement and Doubt
