TON Cryptocurrency Drops After UAE Denies Golden Visa Connection
The Open Network’s (TON) cryptocurrency, Toncoin, declined by 6% after UAE authorities dismissed claims that staking TON could qualify holders for the UAE’s golden visa program. Earlier, TON’s price had jumped 10% to $3.03 following an announcement suggesting that staking $100,000 worth of TON for three years might make applicants eligible for the visa. However, the Emirates News Agency later issued a joint statement from UAE regulators clarifying that digital asset holdings do not influence golden visa eligibility, causing TON’s price to retreat to $2.84.
Regulatory Response and Market Impact
The Emirates News Agency emphasized that the golden visa program, aimed at attracting skilled professionals and investors, has strict criteria unrelated to cryptocurrency. This clarification followed The Open Network’s initial claim, which Telegram CEO Pavel Durov amplified by sharing it on social media. The subsequent regulatory denial led to TON’s price correction, reflecting the market’s sensitivity to policy announcements.
Understanding the UAE Golden Visa Program
Launched in 2019, the UAE’s golden visa grants long-term residency to foreign nationals with specialized skills or substantial investments, eliminating the need for a local sponsor. Eligibility depends on professional qualifications or meeting investment thresholds, with no consideration for cryptocurrency holdings. The program strengthens the UAE’s economy by drawing global talent and capital.
Key Developments
- TON’s price rose 10% to $3.03 on the initial golden visa claim.
- Prices fell 6% to $2.84 after UAE regulators denied the connection.
- The golden visa program maintains strict, non-crypto-related eligibility rules.
- Telegram CEO Pavel Durov’s social media post added to speculation.
