TON Foundation Clarifies UAE Visa Misunderstanding; Toncoin Drops 5%

TON Foundation has issued a clarification denying an official partnership with the UAE for a Golden Visa program, leading to a significant drop in toncoin’s value.

The announcement has crucial implications for the TON community and market reactions, causing a price decline exceeding 5% while impacting trading dynamics.

TON Refutes Involvement in UAE Visa Program

The TON Foundation clarified no involvement in an official UAE Golden Visa program, contradicting earlier statements. Efforts by Max Crown were exploratory, aiming to highlight potential opportunities.

Max Crown, CEO, TON Foundation, “We are in the early stages of development with a licensed partner… No official Golden Visa program has launched in partnership with the UAE government…” Cointelegraph

This public clarification involved the TON Foundation, UAE regulators, and key figures like Changpeng Zhao questioning its validity. No official government partnership was established.

Toncoin Faces Over 5% Price Decline

The market reacted promptly, with toncoin’s value decreasing by over 5%. Initial excitement over the potential visa program quickly waned after regulatory intervention.

Financial and community repercussions followed the announcement. Regulators affirmed no residency options via crypto staking, directly affecting TON’s network and trading volume.

UAE regulators (ICP, SCA, VARA), “The visas were not being issued to digital asset holders. No formal government backing or endorsement for TON’s initiative.” CoinGape

Regulatory Pushback Mirrors Historical Crypto Challenges

Similar announcements have occurred within the crypto industry, with projects often facing regulatory pushbacks. Token schemes like these tend to result in swift market corrections.

Based on industry patterns, TON’s market may continue to see volatility. Experts suggest observing further developments closely for potential stabilization trends.