The United Arab Emirates authorities have categorically denied reports that individuals can secure a Golden Visa by investing in Toncoin. In a joint statement, the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and Dubai's Virtual Assets Regulatory Authority clarified that there is no such arrangement in place.
The authorities emphasized that the current framework for Golden Visas does not include provisions for digital currency investors, and that TON is not licensed or regulated in Dubai. This development comes after Max Crown, CEO of the TON Foundation, announced on social media that Toncoin holders could obtain a Golden Visa by staking their coins, with specific requirements including a $100,000 investment and a $35,000 processing fee. The announcement led to a significant increase in Toncoin's value, rising by 12% to nearly $2.9. This news follows recent reports of a potential partnership between Telegram and Elon Musk's artificial intelligence firm, xAI, although the deal has yet to be finalized.