- UAE denies Toncoin’s golden visa announcement amid market volatility.
- TON price temporarily rises 10% before correcting downward.
- No verified partnerships between UAE authorities and Toncoin exist.
Toncoin’s widely publicized offer of a 10-year UAE golden visa to its stakers has been officially dismissed by UAE authorities. The announcement initially caused a spike in Toncoin’s market value before a swift correction upon the government clarification.
The event underscores the volatility in crypto markets, where rumors can drive significant financial movements. The lack of government endorsement highlights the need for verified information, affecting investor trust and market performance.
Toncoin UAE Partnership Announcement
Toncoin recently announced a purported partnership with the UAE to offer a 10-year golden visa to investors staking $100,000 in Toncoin. This program was initially celebrated, but UAE authorities have since denied these claims, leading to considerable market confusion.
“Big News Toncoin has just launched a groundbreaking initiative, offering TON holders the exclusive chance to secure a 10-year Golden Visa.”
However, UAE government entities clarified that visas are granted under official criteria, excluding digital currency investors. The statement from the UAE Joint Authority emphasized, “UAE issues golden visas to eligible candidates, which digital asset investors do not fall into… Toncoin is neither regulated nor officially licensed to operate in the UAE.”
Toncoin’s market saw a price increase of over 10%, reaching $3.09 before retracting. Investors in the broader cryptocurrency sector expressed concern, and authorities emphasized verifying claims through official means, advising caution among crypto investors.
The report indicated that real estate investors typically qualify for UAE golden visas, not cryptocurrencies. Crypto KOLs, including Binance’s CZ, warned the offer was “too good to be true,” validated by the denial from the UAE.
Insights into potential outcomes suggest that rumors can lead to temporary market-induced mispricing. Regulation in the UAE remains critical, emphasizing verified information to maintain investor confidence and prevent market manipulation.
