The United Arab Emirates (UAE) has officially refuted claims that staking cryptocurrency, specifically Toncoin (TON), qualifies investors for the coveted Golden Visa. Recent rumors suggested that staking $100,000 worth of TON could secure a 10-year residency visa, but UAE authorities have clarified that such offers are not part of the official program.
In a joint statement, UAE regulators emphasized their commitment to transparency and investor protection, urging the public to rely solely on official sources for information. The Golden Visa program adheres to strict eligibility criteria, and investments in digital currencies are explicitly excluded from qualifying conditions.
The debunking of these claims has had an immediate impact on the cryptocurrency market, with Toncoin experiencing a sharp decline. Reports indicate that the token's price dropped by approximately 6% following the UAE's announcement, reflecting investor uncertainty surrounding the project.
The controversy arose after The Open Network (TON), associated with Toncoin, was linked to promotions suggesting a pathway to residency through crypto staking. UAE authorities have warned against engaging with such unverified offers, labeling them as misinformation that could lead to financial losses.
Investors and the public are advised to exercise caution and seek authentic information from reliable sources to avoid falling prey to fraudulent schemes. The UAE continues to position itself as a hub for innovation, but it remains firm on regulating claims related to residency and investment programs.
This incident highlights the broader challenges in the crypto industry, where hype and unverified claims can influence market dynamics. As the UAE reinforces its stance on regulatory clarity, stakeholders in the digital asset space are reminded to prioritize due diligence before making investment decisions.
Maria Lourdes
