The price of TON fell 6% after the UAE authorities rejected the golden visa application.

The native electronic money of The Open Network, Toncoin (TON), has fallen 6% from its high in the past 24 hours after regulators in the United Arab Emirates (UAE) dismissed information that staking TON could open up residency opportunities in the UAE.

On Sunday, the price of TON surged 10% to 3.03 USD after The Open Network announced that those who stake 100,000 USD TON for three years would be eligible to participate in the UAE golden visa program. However, the value of this coin fell again after the Emirates News Agency issued a joint statement from several regulatory agencies, denying this information.

Currently, Toncoin is trading at 2.84 USD, recording a fall of 6% compared to the highest level in the past 24 hours.

TON price chart | Source: Bitcoin Magazine### UAE denies information about the golden visa

Toncoin has announced that those who stake 100,000 USD worth of TON for three years and pay a one-time processing fee of 35,000 USD will qualify for a 10-year golden visa. Telegram CEO, Pavel Durov, contributed to raising doubts about this information when he reshared the announcement from cryptocurrency influencer, Ash Crypto, on platform X on Sunday, although he has not made an official comment.

However, on Monday, the Emirates News Agency reported that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, along with the Virtual Assets Regulatory Authority, confirmed that golden visas are not granted to individuals holding digital assets. They also emphasized that investments in electronic money are regulated by specific regulations and are not related to the eligibility for a golden visa.

"This agency asserts that investments in Electronic Money must comply with specific regulations and are not related to the eligibility for a golden visa. They recommend that investors consult information from official and reliable sources to avoid falling into misinformation or scams," the Emirates News Agency stated.

Information about golden visa

The golden visa is a type of long-term residency visa introduced by the UAE government in 2019 to attract talents to the region. This visa allows foreign citizens to live, work, and study in the UAE without needing a national sponsor, with a visa duration of five to ten years, according to information from the Federal Authority for Identity, Citizenship, Customs and Port Security.

To qualify for a golden visa, applicants must meet strict criteria, including possessing special skills such as doctors, scientists, or researchers. Investors can also receive a golden visa if they have public investments valued at 2 million AED ( equivalent to 544,000 USD ) or more. Additionally, entrepreneurs may qualify if they own a registered startup that is recognized by UAE authorities and operates in the technology sector.

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