UAE: You Can't Get a Ten-Year Golden Visa for Staking TON
Earlier, the TON Foundation reported that it was possible to get a UAE “golden visa” for ten years for staking TON and paying a fee of approximately $135,000. According to experts, this looks like deliberate manipulation of the cryptocurrency rate
The UAE government has denied a report by the TON Foundation that it is possible to obtain a UAE “golden visa” for ten years for staking TON and paying a fee totaling approximately $135,000.
On this news, the Toncoin rate jumped by 12%, exceeding $3 per coin, and after the news was refuted, the fall reached 6%. Three UAE government agencies at once - the Citizenship Authority, the Securities Authority and the Virtual Assets Regulatory Authority - refuted the news. In their joint statement, they said that "golden visas" do not apply to investors in digital currency, but are issued to investors in real estate, entrepreneurs, exceptional talents, scientists, specialists and the best students.
Interestingly, the TON website claimed that the company had entered into an agreement with the government of the United Arab Emirates. The idea itself was not hard to believe, says Mikhail Uspensky, deputy chairman of the Chamber of Tax Consultants:
Mikhail Uspensky Deputy Chairman of the Board of the Chamber of Tax Consultants
It is difficult to say whether this is a deliberate manipulation by the TON Foundation or not, but someone has clearly made money on this. Alexander Treschev, co-founder of the Russian Association of Cryptocurrency and Blockchain, talks about whether there will be any consequences for the company:
Alexander Treschev , lawyer, co-chairman of the Russian Association of Cryptocurrency and Blockchain
Stanislav Chernukhin, founder of the fintech and crypto application development company Polygant , talks about the possible prerequisites for the emergence of such news:
— In three months, the unfreezing period of 1.3 billion TON of early investors begins, approximately 36 million TON tokens will be released every month, and an incentive is needed for investors to hold these tokens so as not to cause a drop in the rate. The introduction of "golden visas" could just be one of these incentives. Pavel Durov's friendly relations with the Crown Prince of the UAE are known, and the royal family fund is also a major investor in both Telegram and TON. Therefore, they could have agreed on this measure at a conceptual level, but apparently something went wrong.
— They will be released in three months. What does this mean for both TON itself and the cryptocurrency market?
— This also happens in traditional venture investments, when some amount of currency remains, but you cannot sell it for a certain period of time. In October, this period ends, and each month one thirty-sixth of the total volume begins to unfreeze. That is, these TON can be sold, transferred, whatever.
— It turns out that TON wanted to improve its liquidity and attract new people in this way?
— It seems that this is exactly it: to strengthen liquidity, to give someone the opportunity to sell TON without a serious drop in the rate, or to attract new holders so that they can compensate for the rate in case of a sale.
The TON Foundation has not yet commented on the incident. The UAE Virtual Assets Regulatory Authority noted that it is worth interacting only with fully licensed companies, and the TON Foundation is not one of them.
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