Toncoin's Residency Claim Refuted by UAE Regulators

According to Cointelegraph, the native cryptocurrency of The Open Network, Toncoin (TON), experienced a 6% decline from its 24-hour high following a statement from United Arab Emirates regulators refuting claims that staking Toncoin could lead to UAE residency. Initially, Toncoin surged by 10% to reach $3.03 after The Open Network suggested that staking $100,000 worth of Toncoin for three years could make applicants eligible for the UAE’s golden visa program. However, the cryptocurrency's value partially retraced after the Emirates News Agency released a joint statement from several regulatory bodies denying this assertion. Currently, TON is trading at $2.84, marking a 6% decrease from its recent peak. The Open Network had claimed that individuals staking $100,000 worth of TON for three years, along with a one-time $35,000 processing fee, would qualify for a 10-year golden visa. This claim gained further attention when Telegram CEO Pavel Durov reposted the announcement on social media, although he did not provide an official comment. On Monday, the Emirates News Agency reported that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority clarified that golden visas are not issued to digital asset holders. They emphasized that digital currency investments are subject to specific regulations and do not influence golden visa eligibility. The authorities urged investors to seek information from credible sources to avoid misinformation or fraud. Cointelegraph has reached out to the TON Foundation and CEO Max Crown for further comments. The UAE's golden visa is a long-term residency program introduced in 2019 to attract skilled individuals to the region. It allows foreign nationals to live, work, and study in the UAE without a national sponsor, with visa durations ranging from five to ten years, as per the Federal Authority for Identity, Citizenship, Customs and Port Security. Eligibility criteria are stringent, requiring applicants to possess special skills, such as being a doctor, scientist, or researcher. Investors can qualify for a golden visa if they have public investments worth at least 2 million United Arab Emirates dirham ($544,000). Entrepreneurs may also be eligible if they own a tech-based startup recognized by UAE authorities.