- Announcement impacts Toncoin price and market sentiment.
- Regulators firmly reject cryptocurrency tied residency claims.
- Toncoin sees temporary price surge and subsequent correction.
UAE authorities swiftly clarified that cryptocurrency investment does not qualify for a Golden Visa, impacting market dynamics and investor perceptions.
Max Crown of the TON Foundation unveiled a controversial plan allowing Golden Visa acquisition via $100,000 Toncoin staking. UAE authorities promptly refuted the plan, emphasizing that digital currency investment isn’t an official criterion for Golden Visa eligibility.
Toncoin experienced an initial price surge following the announcement but retracted after regulatory authorities rejected the claim. Joint statements by ICP, SCA, and VARA stated that existing frameworks do not recognize crypto assets for residency.
The swift denial by UAE regulators and skepticism expressed by industry leaders like Changpeng Zhao led to increased scrutiny of the TON Foundation’s activities. Historical precedents suggest short-term token fluctuations and a rapid return to market equilibrium in similar instances.
Golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors. Eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers. – UAE Government Regulators (ICP, SCA, VARA)
Potential outcomes include tighter government oversight on crypto-related residency claims and increased pressure on blockchain projects to adhere to clear legal and regulatory frameworks. Investors may turn cautious towards initiatives lacking official government backing.
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