- Main players include TON Foundation, Telegram’s Pavel Durov, and UAE authorities.
- The announcement affected Toncoin’s market value.
- Authorities confirmed digital assets like Toncoin are not part of the visa program.
The denial by the TON Foundation highlights the importance of verifying the legitimacy of crypto-related residency offers to avoid misleading markets and investors.
Statement from TON Foundation
The clarification from TON Foundation states no official partnership exists with the UAE regarding a golden visa. UAE authorities also denied the involvement, impacting perceptions and investor behavior. Pavel Durov’s retweet previously fueled interest despite lacking government endorsement.
Market Reaction
The announcement spurred a temporary 10% increase in Toncoin’s value but saw a subsequent 6% drop after the backlash. Public blockchain data reflects fluctuations in staked TON transactions, indicating initial optimism followed by quick market correction due to official denials.
Regulatory Implications
Regulatory outcomes may include stricter scrutiny on crypto projects claiming government affiliations without proof. This event mirrors past incidents where crypto incentives for residency led to short-lived market surges, underscoring the need for transparency and confidence in official statements.
Industry Reactions
Reactions from industry figures like Changpeng Zhao questioned the original validity of the offer. This situation reinforces ongoing dialogue about the credibility and challenges facing the crypto industry when intersecting with government programs.
“Golden Visas are only awarded through legal, government-approved channels such as investment in real estate, establishing a business, or exceptional professional skill. Investments in digital assets such as Toncoin are not covered by the Golden Visa program and are subject to separate, strict regulations,” stated UAE Joint Authorities (ICP, SCA, VARA).
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