Toncoin (TON), the native token of The Open Network, briefly rallied 10% to $3.03 on Sunday after a bold claim emerged: staking $100,000 worth of TON for three years would allegedly qualify applicants for the United Arab Emirates’ prestigious golden visa programme.
The announcement, originally circulated by The Open Network and reposted by Telegram CEO Pavel Durov via crypto influencer Ash Crypto, triggered a wave of excitement in the crypto community. According to the post, investors would also need to pay a $35,000 one-time processing fee to secure a 10-year residency visa through this staking route.
Regulatory Backlash Halts Momentum
The rally, however, was short-lived. By Monday, the Emirates News Agency released a joint statement from three key regulatory bodies—the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA)—firmly denying the connection between crypto staking and golden visa eligibility.
“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud,” the statement read.
TON Price Retraces Amid Clarification
Following the clarification, Toncoin’s price dropped 6% from its 24-hour high, settling around $2.84 at the time of writing. Market sentiment cooled significantly as traders processed the implications of the regulatory denial.
Despite Durov’s amplification of the staking-for-visa claim, he has yet to issue an official comment.
What Is the UAE Golden Visa?
Introduced in 2019, the UAE’s golden visa programme is a long-term residency initiative designed to attract skilled professionals, entrepreneurs, and investors. It allows foreign nationals to live, work, and study in the UAE without a local sponsor, offering five- or ten-year residency terms.
Eligibility requirements are stringent. Individuals must demonstrate exceptional talent—such as being a doctor, scientist, or researcher—or hold significant financial investments. Investors can qualify if they have at least 2 million AED (about $544,000) in public investments. Tech-based startup founders may also be eligible if their businesses are officially recognised by UAE authorities.
Crypto and UAE Residency: Still Separate Paths
While the UAE has been seen as a crypto-friendly jurisdiction, Monday’s statement draws a clear line between digital asset investments and immigration pathways. Authorities emphasised that residency benefits are not granted based on cryptocurrency holdings or staking mechanisms.
The incident highlights the growing scrutiny over how crypto projects market potential benefits, particularly when those claims intersect with sovereign regulatory domains.
