- UAE authorities deny claims of crypto-based Golden Visa eligibility.
- Regulators emphasize official frameworks exclude digital currency investors.
- Toncoin’s market faced volatility following the denial.
The United Arab Emirates government has dispelled rumors concerning the granting of Golden Visas to investors through The Open Network (TON) in a recent statement from regulatory authorities.
Regulatory bodies clarified that Golden Visas are not applicable to cryptocurrency investors, emphasizing adherence to officially approved criteria. This announcement caused a notable impact on Toncoin prices.
The Open Network (TON), linked to Telegram, was involved in promoting the visa eligibility rumor. However, Federal Authority for Identity, Citizenship, Customs and Port Security, and other regulators jointly refuted these claims, asserting formal visa processes exclude digital assets. As stated by a UAE Regulatory Body,
Golden Visas are issued according to officially approved frameworks and criteria, which do not include digital currency investors.
The rumors surrounding crypto-based visas led to a brief Toncoin price rally, peaking at $3.09, before falling by 6% after the denial from UAE authorities. The market response highlights sensitivity to such developments.
Toncoin’s market volatility signals the importance of regulatory clarity. No official funding was linked to TON staking, nor any significant on-chain activity was recorded aligning with the initial visa speculation.
Potential outcomes could include increased scrutiny on crypto investment schemes in residency programs, underscoring hurdles in integrating digital assets into national frameworks. Historical trends point to rapid price reversals in similar cases.
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