07.07.2025 07:51
Following a public denial by UAE authorities, Toncoin experienced a significant price correction, plummeting 10%. This sharp drop followed a brief period of price appreciation spurred by a promotional campaign on the project's official website, which erroneously suggested that staking a substantial amount of TON – at least $100,000 – would qualify investors for a coveted UAE Golden Visa.
Three key UAE 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) – issued a joint statement on July 6th categorically refuting these claims. Their declaration unequivocally stated that Golden Visas are awarded solely based on established criteria, encompassing sectors such as real estate, technological innovation, entrepreneurial endeavors, and humanitarian contributions. Importantly, they emphasized that cryptocurrency investment does not meet these qualifications. Furthermore, the SCA and VARA clarified that digital assets fall under separate regulatory frameworks entirely unrelated to the Golden Visa program. VARA specifically highlighted the absence of any license or regulatory approval for TON, thereby labeling the purported connection to the visa program as unauthorized.
Adding to the skepticism surrounding the Ton Foundation's campaign, even Binance CEO Changpeng Zhao publicly voiced his concerns. As reported by various internet sources, CZ highlighted inconsistencies within the Ton Foundation's announcement and questioned the lack of an official government press release endorsing the initiative. This lack of official confirmation further fueled doubts among investors. Consequently, UAE authorities issued a strong warning to the public, urging them to rely solely on official government websites for accurate information and to exercise caution when encountering unverified online offers.
The resulting wave of investor uncertainty, fueled by the official denial and prominent industry skepticism, directly contributed to the 10% price drop in Toncoin. This incident serves as a cautionary tale regarding the importance of verifying information from official channels and the potential market volatility associated with unsubstantiated promotional campaigns.
