- 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).
About the author
DigitalX Secures A$20.7 Million for Bitcoin Expansion
DigitalX Limited has secured A$20.7 million in strategic investment to expand its Bitcoin reserves, with key investors including Animoca Brands, UTXO Management, and ParaFi Capital.
BTC Price Breaks $108K Amid Market Liquidations
BTC reached a significant milestone surpassing the $108,000 mark, resulting in market shifts and responses from industry experts.
Changpeng Zhao Questions TON Foundation’s UAE Visa Claims
TON Foundation criticized over UAE Golden Visa claims by Binance's Zhao, causing Toncoin fluctuations.
Ethereum Dormant ICO Wallets Move 1,140 ETH
Dormant Ethereum ICO wallets transfer 1,140 ETH worth $2.9 million, sparking speculation.
TON Foundation Clarifies Misleading UAE Golden Visa Announcement
The TON Foundation clarifies there is no partnership with UAE authorities over a golden visa program, impacting Toncoin market following Pavel Durov's retweet.
Elon Musk and Andrew Yang Discuss New Political Party
Elon Musk contacts Andrew Yang for America Party initiative, exploring U.S. political reform options.
Related
DigitalX Secures A$20.7 Million for Bitcoin Expansion
DigitalX Limited has secured A$20.7 million in strategic investment to expand its Bitcoin reserves, with key investors including Animoca Brands, UTXO Management, and ParaFi Capital.
BTC Price Breaks $108K Amid Market Liquidations
BTC reached a significant milestone surpassing the $108,000 mark, resulting in market shifts and responses from industry experts.
Changpeng Zhao Questions TON Foundation’s UAE Visa Claims
TON Foundation criticized over UAE Golden Visa claims by Binance's Zhao, causing Toncoin fluctuations.
Ethereum Dormant ICO Wallets Move 1,140 ETH
Dormant Ethereum ICO wallets transfer 1,140 ETH worth $2.9 million, sparking speculation.
Elon Musk and Andrew Yang Discuss New Political Party
Elon Musk contacts Andrew Yang for America Party initiative, exploring U.S. political reform options.
If You Slept On Official Melania Meme, Don’t Miss Arctic Pablo—One Of The Best New Meme Coins To Join Now
If you missed out on the Official Melania Meme, now it's high time to invest in Arctic Pablo Coin—a meme coin turning heads with weekly price hikes, deflationary token burns, and a presale ROI potential of over 1600%. While Official Melania Meme brought celebrity satire and early profits, Arctic Pablo Coin delivers long-term value with 66% APY staking, Binance Smart Chain support, and a unique cartoon adventure narrative. These two projects stand out in a crowded field, making them the Best New Meme Coins to Join Now—especially for early-bird investors ready to ride the next big wave.
Be the first to leave a comment