UAE Denies TON Foundation’s Golden Visa Staking Ties, Leading to Toncoin Slump

Toncoin (TON) experienced a sharp decline on Monday, falling 5% to $2.79 over the prior 24 hours. This drop followed Sunday’s announcement, via a tweet by TON Foundation CEO Max Crown, that staking $100,000 worth of TON for three years plus a $35,000 fee might facilitate acquisition of the UAE’s “Golden Visa.”

Crown’s tweet, subsequently reshared by Telegram founder Pavel Durov, initially triggered a surge. TON’s price rapidly climbed to $3, its highest point since June 20, according to CoinGecko data.

However, the heightened speculation proved short-lived. The United Arab Emirates promptly denied the claims. The Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority jointly stated that the UAE does not offer Golden Visas in exchange for digital currency investments.

The statement emphasized that TON is “neither licensed nor regulated by VARA” and strongly urged the public to consult official government sources for accurate information.

The UAE Golden Visa Program

The UAE’s Golden Visa provides long-term (up to ten years) residency rights for individuals who can live and work in the UAE, including in crypto-friendly Dubai. Family members can also be included. Standard requirements typically involve substantial real estate investments exceeding $500,000, although the specifics of the unverified TON-linked proposal were not detailed.

Expert Reactions

Notably, prominent crypto figures sought verification. Binance founder Changpeng Zhao (CZ) advised caution, stating, “I’d expect something like this to have a government partnership, and announcement.” This incident formed part of an ongoing debate about proper channels for integrating crypto technologies with national systems, a discussion fueled by past critiques of the TON/Telegram ecosystem.