• Toncoin briefly spiked after a visa claim but crashed 6% once UAE regulators denied it.
  • UAE confirmed crypto staking doesn’t qualify for Golden Visa, warning against unofficial online offers.

The United Arab Emirates has officially rejected claims surrounding a “Golden Visa” offer tied to cryptocurrency, leading to a 7% drop in the price of Toncoin ( TON) , but it has since then recovered. The rejection came through a joint statement released on Monday by three federal authorities, firmly discrediting the residency-through-staking pitch made by The Open Network .

The token had briefly surged 10% to $3.05 on Sunday after TON promoted a program that suggested crypto holders could secure 10-year UAE visas by staking digital assets. At the time of press, the coin is priced at $2.79.

The promotion claimed that individuals could stake $100,000 worth of TON for three years and pay a $35,000 processing fee to become eligible for long-term residency.

By Monday, UAE authorities pushed back, calling the claims false and unverified. Toncoin’s rise reversed quickly, with its value dropping back to $2.80 after the clarification.

Authorities Warn Public Against Unverified Offers

The joint statement was issued 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). These regulators made it clear that no such crypto-based visa program exists under UAE law. They also cautioned residents and investors against engaging with non-approved offers circulated online.

The SCA reiterated that investment in crypto is regulated under established policies and has no connection to visa qualification. It advised individuals to consult official government sources to avoid being misled by false promotional material.

Meanwhile, VARA specified that The Open Network is neither registered nor licensed under its jurisdiction. It urged crypto participants to deal only with firms that hold proper licensing from recognized UAE authorities.

Crypto Not Included in Approved Visa Categories

The ICP confirmed that the Golden Visa is awarded based on specific government-approved criteria. These include real estate investment, entrepreneurial activity, academic excellence, scientific research, and public service, among other areas. The use of cryptocurrency does not fall under any eligible category for long-term residency, the agency stated.

To obtain a golden visa legally, investors are required to make public investments amounting to at least 2 million dirhams ($544,000). The visa allows recipients to reside, work, and study in the country for either five or ten years, depending on the qualifying category.

Before the UAE’s clarification, the TON announcement gained momentum online. Telegram CEO Pavel Durov reposted a message about the program, lending credibility to the speculation. Former Binance CEO Changpeng “CZ” Zhao also responded to the announcement with skepticism but acknowledged the appeal.

“I have not been able to verify with an official source yet,” CZ posted on X. “This program would be awesome if it was true. If it is real, we will definitely try to get it on BNB too.” When asked again, he responded , “I like to trust but verify. I’d expect something like this to have a government partnership, and announcement.”