United Arab Emirates (UAE) authorities have sharply rebuffed reports of individuals being able to acquire UAE's Golden Visa by staking Toncoin (TON).
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai's crypto regulator Virtual Assets Regulatory Authority (VARA), issued a statement on Monday denying any such arrangement.
ICP said that golden visas frameworks still do not include digital currency investors. VARA also reiterated that TON is neither licensed nor regulated by the regulator.
Over the weekend, Max Crown, CEO of the TON Foundation, which manages the Telegram-based crypto ecosystem, said on X, that Toncoin holders can now acquire UAE's much sought after Golden Visa by staking TON.
Crown added that applicants who stake $100,000 worth of toncoin for three years and pay a one-time processing fee of $35,000, can now get a 10-year Golden Visa.
TON surged 12% after the announcement jumping to nearly $2.9.
In May, Telegram founder Pavel Durov said that the messaging platform has partnered with Elon Musk's artificial intelligence firm, xAI. Soon after, Musk clarified that the deal was yet to be signed.
Read more: TON Surges on UAE Golden Visa News; Crypto Community Reacts With Excitement and Doubt
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