07.07.2025 20:12
UAE authorities swiftly quashed rumors linking Toncoin staking to eligibility for the prestigious Golden Visa program, triggering a sharp 10% decline in the cryptocurrency's price. This rapid price drop followed a brief surge earlier, fueled by a promotional campaign on the Toncoin project's official website offering Golden Visas to investors staking $100,000 worth of TON.
A joint statement issued on July 6th by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) categorically denied any such connection. The ICP clarified that Golden Visas are typically awarded to individuals demonstrating exceptional contributions in fields such as humanitarian work, business leadership, scientific research, and technological innovation, explicitly excluding cryptocurrency investment. Furthermore, the SCA and VARA emphasized the complete lack of any link between the Golden Visa program and digital assets.
Adding to the controversy, the absence of official TON licensing and regulation within the UAE renders any association with the visa program illegal, according to VARA's statement. Binance founder Changpeng Zhao fueled the skepticism, publicly questioning the legitimacy of the Ton Foundation's offer. He highlighted inconsistencies, particularly the absence of a formal government announcement endorsing such a program. This lack of official confirmation prompted warnings to the public against relying on unverified online claims, advising them to consult official government websites for accurate information.
The combined effect of the official denial and CZ's skepticism has eroded investor confidence, resulting in the significant price drop of Toncoin. This situation underscores the importance of verifying information from trustworthy sources, particularly when substantial financial decisions are involved. The incident serves as a stark reminder of the volatility within the cryptocurrency market, influenced significantly by both legitimate news and unsubstantiated rumors.
