TON Drops 6% Amid Rejected UAE Golden Visa Claim

- Toncoin price drops 6% as UAE authorities deny claims linking staking to Golden Visa eligibility. - Incident highlights regulatory scrutiny and misinformation concerns in the crypto market. On July 6, 2025, Cointelegraph reported that a claim by The Open Network regarding the United Arab Emirates (UAE) Golden Visa caused a notable price fluctuation for Toncoin (TON). The Open Network had stated investors could obtain the UAE’s 10-year residency visa by staking $100,000 in TON for three years and paying a $35,000 processing fee. Following this news, TON's price immediately surged over 10% to approximately $3.03. However, UAE authorities swiftly refuted the claim in a joint statement issued through the official Emirates News Agency (WAM). The statement, from key regulatory bodies including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), denied any connection between digital asset investments and Golden Visa eligibility. The regulators clarified that visa criteria include real estate investments or exceptional talent, but not cryptocurrency staking. Furthermore, the authorities emphasized that specific regulations govern digital currencies and reaffirmed that VARA has not licensed or regulated The Open Network. As a result of this rejection, Toncoin's price experienced a sharp decline, dropping by approximately 6% from its recent high to trade at around $2.84. The incident highlights the importance of regulatory clarity in the cryptocurrency sector and raises concerns about how false information spreads in the industry. The UAE’s Golden Visa program continues to focus on attracting skilled professionals and investors through its predefined criteria, which do not include cryptocurrency investments. As of July 7, 02:16 UTC, Toncoin (TON) was trading at $2.852, with a 4.346% increase in 24-hour trading volume, according to CoinMarketCap data.