07.07.2025 05:00

Toncoin, the native cryptocurrency of The Open Network, experienced a significant price correction after initial gains fueled by a now-disputed claim regarding UAE residency. Following an announcement by The Open Network suggesting that staking $100,000 worth of Toncoin for three years qualified applicants for a UAE golden visa, the cryptocurrency surged 10%, briefly reaching $3.03.

However, this rally proved short-lived. A joint statement from several UAE regulatory bodies, disseminated via the Emirates News Agency, swiftly refuted The Open Network's assertion. This denial led to a 6% retracement, with Toncoin trading at approximately $2.84 at the time of writing. The regulators explicitly stated that digital asset holdings, including Toncoin, do not grant eligibility for golden visas. Their statement emphasized that such investments are subject to separate regulations and are entirely distinct from residency applications.

The original claim, which included a one-time $35,000 processing fee for the visa, had been amplified by Telegram CEO Pavel Durov's repost of a related tweet on X (formerly Twitter), although he hasn't issued any official statement on the matter. This fuelled speculation before the UAE authorities' definitive clarification.

In response to the contradictory information, the Emirates News Agency warned investors against misinformation and urged them to rely solely on official channels for accurate information on residency programs. Requests for comment were made to the TON Foundation and its leadership, but no response was forthcoming from internet sources at the time of this writing. The saga underscores the importance of verifying information from reliable sources, particularly concerning investment opportunities and government policies.