The price of TON, the native cryptocurrency of The Open Network, fell by 6% after the United Arab Emirates (UAE) authorities officially denied claims that staking $100,000 worth of TON could qualify investors for a 10-year golden visa.
Previously, TON surged by up to 10%, reaching $3.03 on Sunday, following The Open Network’s announcement of a “staking-for-visa” program. According to the claim, users who staked $100,000 in TON for three years, along with a one-time $35,000 processing fee, would be eligible for the UAE’s 10-year golden visa program.
The news quickly caught the attention of the crypto community, especially after Telegram CEO Pavel Durov reposted a message from a crypto influencer on X regarding the offer. However, Durov made no official comment on the matter.
The excitement came to an abrupt end on Monday when Emirates News Agency published a statement from three major UAE regulatory bodies — the Federal Authority for Identity, Citizenship, Customs and Port Security; the Securities and Commodities Authority; and the Virtual Assets Regulatory Authority. These agencies jointly confirmed that there is no golden visa program tied to investments in digital assets.
The regulators emphasized: “Investments in digital currencies are governed by separate regulations and are not related to golden visa eligibility.” They also urged investors to seek information from credible, official sources to avoid misinformation or fraud.
At the time of writing, TON is trading at approximately $2.84 — a 6% decline from its recent 24-hour high.
UAE Golden Visa: Not for Crypto Holders
The UAE’s golden visa is a long-term residency program introduced in 2019 to attract skilled professionals and talent to the country. It allows foreign nationals to live, work, and study in the UAE without requiring local sponsorship, with visa durations ranging from five to ten years.
According to current regulations, eligibility is limited to those who meet strict criteria, such as possessing exceptional skills in fields like medicine or scientific research, or having public investments of at least 2 million AED (around $544,000). Tech-based entrepreneurs whose startups are officially recognized in the UAE may also qualify.
