UAE Denies Golden Visa Perk For Toncoin (TON) Investors

• Reports circulated during the weekend that the UAE immediately grants Golden Visa to particular Toncoin (TON) investors.
• The price of TON got a double-digit percentage boost from the news.
• However, UAE officials denied these claims circulating within the crypto community.

The United Arab Emirates (UAE) has successfully diversified from its reliance on oil for revenue to becoming a shining beacon for financial institutions and startups in the Middle East, Africa, and South Asia (MEASA). It has also become a top destination for expanding and burgeoning blockchain-related businesses. Its favorable regulations and taxation for cryptocurrencies were among the aces up its sleeve.

Recently, news about the Telegram-linked Open Network supposedly getting a deal with the UAE government spiced things up for digital asset holders and entrepreneurs, especially holders of its token.

Golden Visa Perk for Specific Toncoin (TON) Stakers

Some crypto community members began circulating stories that the UAE offers 10-year Golden Visas to applicants with at least $100,000 worth of Toncoin (TON) stake for at least three years. Still, these individuals have to fork out $35,000 for the processing fee of the special visa.

ADVERTISEMENTThe news even reached the radar of Changpeng “CZ” Zhao, former CEO of Binance. As a result, he commented that if the information were accurate, he would also push for the same treatment for BNB.

BNB appeared unaffected by the circulating reports, only moving between a $653.87 low and a $664.63 high in the last 24 hours. However, TON got a significant boost from them, with its price gaining an over 12% jump from a $2.72 low to a $3.05 high within the same period before a pullback to $2.80 at the time of writing as UAE regulators issued a joint statement addressing the matter.

UAE Officials Deny Handing Out Instant Golden Visa to TON Investors

The UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) immediately issued a joint statement as the fake news spread like wildfire. The concerned regulatory bodies clarified that their issuance of Golden Visas is subject to specific criterias, and they don’t include immediate grants for investors in digital currencies.

ADVERTISEMENTMeanwhile, VARA revealed that TON is neither registered nor licensed within its jurisdiction. Hence, it won’t allow it to operate without meeting those basic requirements, let alone allow it to launch a collaboration with the government.

The UAE authorities advised the public to be more discerning of the information they gather online and to make it a habit to verify the news through official sources first, such as official government websites for similar cases.

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