Toncoin (TON), the native cryptocurrency of The Open Network, made headlines on July 6, 2025, following the announcement of a staking program. The scheme claimed to offer eligibility for a UAE Golden Visa in exchange for staking $100,000 worth of TON. However, in a dramatic reversal, UAE authorities have officially refuted such claims. The clarification triggered a swift market reaction, resulting in a 6% decline in TON's price.
The TON Foundation claimed that users could stake $100,000 in Toncoin for three years. They would also need to pay a $35,000 processing fee. In return, they would supposedly receive a 10-year Golden Visa, a long-term UAE residency offered to high-net-worth individuals.
The program also promised custody of staked funds via smart contracts and annual rewards of 3-4%. It even included coverage for spouses, children, and parents. Crypto investors viewed this as a more affordable entry point into the UAE compared to traditional options. Typically, the visa requires a $544,000 investment in real estate or bank deposits.
The news quickly went viral. Toncoin surged over 12%, reaching $3.03 following the Golden Visa hype. Telegram founder Pavel Durov reshared the announcement on X, which added credibility:
The Emirates News Agency published a joint statement from three regulators:
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP)
The Securities and Commodities Authority (SCA)
The Dubai Virtual Assets Regulatory Authority (VARA)
“Digital currency investments are governed by specific regulations and are unrelated to Golden Visa eligibility,” the agencies stated. They warned the public to rely only on official sources. They also confirmed that TON is not licensed in the UAE and cannot offer immigration-linked services.
After the regulators’ clarification, Toncoin fell 6% to $2.84. The price dip reflects investor disappointment. Many now question the TON Foundation’s credibility. CEO Max Crown, who initially promoted the offer, has not released any further statements or explanations.
Toncoin price chart as of 2.29 PM shows a loss of 6.75% to $2.79:
The incident highlights how easily misinformation can mislead markets, particularly when tied to high-value rewards such as residency visas. It is also a reminder of the risks involved in crypto investing.
The UAE continues to support the growth of cryptocurrency, but it also enforces strict regulations. Investors should verify bold claims. Investors should remain cautious and remember that hype without government backing can quickly turn into costly confusion.
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