07.07.2025 10:21
The United Arab Emirates (UAE) swiftly quashed claims of a "Golden Visa" program linked to cryptocurrency, resulting in a significant 7% plummet in Toncoin's (TON) price. This sharp decline followed a brief, 10% surge to $3.05 on Sunday, fueled by The Open Network's (TON) promotion of a purported program offering 10-year UAE visas in exchange for staking digital assets. The subsequent price correction brought TON down to $2.79 at the time of this writing, highlighting the market's volatility in response to regulatory pronouncements.
A joint statement issued on Monday by three key UAE federal authorities—the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA)—decisively refuted the claims. This coordinated response directly contradicted the earlier TON promotion, which outlined a process requiring a $100,000 three-year TON stake and a $35,000 processing fee for visa eligibility. The authorities unequivocally stated that no such crypto-based visa scheme exists under UAE law.
The regulators' firm stance aimed to protect investors and residents from fraudulent schemes. The SCA emphasized that cryptocurrency investment falls under existing UAE regulations, and obtaining a Golden Visa remains entirely unrelated to digital asset holdings. They strongly advised the public to rely solely on official government channels for accurate information, discouraging engagement with unverified online offers. Similarly, VARA confirmed that The Open Network lacks the necessary registration and licensing within its jurisdiction, reinforcing the illegitimacy of the proposed visa program. The authorities urged caution, advocating for transactions only with officially recognized and licensed entities within the UAE’s crypto framework. The incident serves as a stark reminder of the risks associated with unverified online promotions and the importance of official verification when considering significant financial commitments and immigration processes.
