UAE Authorities Deny Golden Visa Claims via Toncoin Staking
Recently, the UAE authorities issued a firm denial regarding claims that individuals could acquire their sought-after Golden Visa by staking Toncoin. The Federal Authority for Identity and Citizenship, along with the Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA), released a statement clarifying that such arrangements do not exist. The UAE’s current framework for Golden Visas does not extend to digital currency investors, including Toncoin holders.
The confusion arose when Max Crown, CEO of the TON Foundation, announced that Toncoin holders could obtain the Golden Visa by staking $100,000 worth of the cryptocurrency for three years and paying a processing fee of $35,000. This claim led to a significant spike in the price of Toncoin, with a surge of 12%, reaching nearly $2.9 following the announcement. However, the UAE authorities quickly countered this information, underscoring that TON is neither licensed nor regulated by VARA.
Despite the excitement generated within the cryptocurrency community, it is crucial to note that no official vein for Golden Visas via staking Toncoin currently exists. Crown’s remarks about this possibility sparked varied responses among investors and crypto enthusiasts, with many expressing skepticism about the legitimacy of such claims and the mechanics of the supposed arrangement.
The UAE has gained international attention for its favorable policies towards investors and businesses, particularly within the tech and crypto sectors. However, the country is also cautious about scams and misinformation that could affect its reputation as a global financial center and digital asset hub. The clear stance by UAE authorities emphasizes their commitment to regulatory integrity and transparency in the digital currency landscape.
Telegram founder Pavel Durov recently hinted at a partnership with Elon Musk’s AI company, xAI, further complicating the narrative around TON and raising questions about its future trajectory. Critics urge potential investors to be wary of emerging opportunities that promise substantial returns or benefits without regulatory backing, especially in regions with stringent rules like the UAE.
In summary, while the Golden Visa remains an attractive option for investors looking to establish residency in the UAE, the path to obtaining it does not include staking Toncoin. Investors should focus on verified channels and avoid being swayed by unverified claims that could lead to potential losses or missteps in their investments. It’s essential for stakeholders to stay informed and cautious as the crypto and regulatory environments continue to evolve in the dynamic landscape of digital finance.
