- Toncoin price volatility due to visa partnership claims.
- UAE officially denies the alleged partnership.
- No cryptocurrency-based golden visa program in UAE.
The incident underscores earnings volatility in markets sensitive to news, emphasizing the regulatory stance against cryptocurrency-based immigration incentives in the UAE.
Market Reaction and Official Denial
The TON Foundation announced a potential partnership promising golden visas through Toncoin staking, creating market excitement. Following viral social media coverage by Telegram’s CEO, financial analysts observed a spike in Toncoin prices.
UAE authorities, including the Federal Authority for Identity, Citizenship, Customs, and Port Security, denied the reported Toncoin partnership. They emphasized golden visas require investment in real estate, business, or exceptional talent and exclude cryptocurrencies. Max Crown, CEO, TON Foundation, clarified:
“There is no formal agreement with the UAE government regarding the Golden Visa program. Our collaboration with a licensed partner is purely exploratory, and the offer of a ‘TON Golden Visa’ was unofficial and not endorsed by any official channels.”
News of the visa stake deal drove Toncoin prices up 10%, then dropped 6% after the official refutation. While other major cryptocurrencies remained stable, trading volumes in TON surged temporarily.
Financial observers caution against assuming major policy shifts from digital currency hype. This incident highlights regulatory complexities and market sensitivities surrounding cryptocurrency investments.
Future Implications
Long-term implications may include stricter cross-border regulations and heightened scrutiny on cryptocurrency-based announcements affecting investment-driven immigration programs.
