TON Coin Erases Some Gains After Golden Visa Clarification
Summary
The native cryptocurrency of The Open Network, Toncoin (TON), retraced 6% from its 24-hour high after UAE regulators denied claims that staking Toncoin could lead to residency through the golden visa program. Toncoin initially rose 10% to $3.03 following a claim that staking $100,000 for three years would qualify applicants for the visa. However, after the Emirates News Agency reported that several regulatory authorities clarified that golden visas are not available to digital asset holders, TON's price fell to $2.84. The UAE's golden visa program, introduced in 2019, allows long-term residency for skilled individuals and requires specific criteria, including substantial public investments or ownership of recognized startups.
