No Golden Visa with TON or any other crypto token

No Golden Visa with TON or any other crypto token

The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have issued a joint statement denying reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.

The ICP clarified that golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors. Eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.

The SCA reaffirmed its commitment to internationally recognised standards in regulating the financial sector and securities services in the UAE. It stated that its procedures are designed to ensure transparency, credibility, and bolster investor confidence both locally and internationally, in line with the UAE’s strategic goals of attracting quality capital and fostering a sustainable investment environment.

The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud.

Similarly, VARA denied any claims regarding the issuance of golden visas to virtual asset investors in Dubai. It strongly urged investors and consumers to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.

VARA reaffirmed its commitment to the highest standards of risk assurance and effective collaboration with the SCA and relevant federal and local law enforcement entities to maintain a secure operational environment that prioritises consumer protection at all times. It noted that companies licensed by VARA must strictly adhere to the visa procedures outlined by the Government of Dubai and the relevant federal authorities. It also clarified that the company TON is neither licensed nor regulated by VARA.

The three authorities collectively urged the public and investors to exercise caution and refer to official government websites and approved communication channels for accurate information. They warned against engaging with unverified advertisements or offers spreading online.

Toncoin (TON) had recently announced that users staking $100,000 worth of TON for over three years could make it to the UAE’s golden visa program. On the announcement their cryptocurrency surged 10% reaching $3.03 but then slipped 6% after the UAE dismissed teh assertions.

CZ, the Founder of Binance shared his thoughts on this noting that some believed TON only wanted to charge users $35000 to forward their application. He said, ” According to The Open Network, a three-year $100,000 TON stake and a single $35,000 processing fee would make applicants eligible for a 10-year UAE golden visa. ” He added that he felt the TON announcement didn’t specify enough, and the details they gave on the eligibility of a golden visa are pretty vague. He also claimed he had not verified the news with an official source yet, though some stated that the RAK (Ras Al Khaimah Emirate) DAO had approved.

On Durov’s repost on the announcement, CZ commented: “I am a supporter of Durov, especially given his current situation. But I like to ‘trust but verify’. I’d expect something like this to have a government partnership and announcement. It might still be true, just saying I haven’t been able to verify.”

Telegram CEO Pavel Durov reposted the TON announcement from crypto influencer Ash Crypto on X on Sunday. While he didn’t comment directly, his post made some believe the claims were credible.

UAE regulated Tungsten Custody Solutions offers custody for Toncoin

UAE regulated Tungsten Custody Solutions offers custody for Toncoin

UAE regulated crypto custodian Tungsten Custody Solutions, has received regulatory approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to provide custody for Toncoin (TON).

As per the press release, the approval further strengthens Tungsten’s position as a trusted custodian for institutional clients seeking secure and compliant custody solutions for digital assets. TONDLT Foundation was recently established in ADGM.

Toncoin (TON) has gained significant adoption, particularly within Telegram’s ecosystem, as it recently became the exclusive cryptocurrency for non-fiat payments related to the platform’s assets and services. Tungsten’s FSRA-regulated custody ensures institutional investors and enterprises can securely store TON with institutional-grade security, compliance oversight, and risk management.

Jose Aguinaga, Senior Executive Officer of Tungsten Custody Solutions Ltd, commented, “Securing regulatory approval to provide custody for Toncoin is a significant milestone for Tungsten and our commitment to offering regulated, institutional-grade custody solutions for a wide range of digital assets. With ADGM emerging as a key hub for blockchain innovation, we are proud to be at the forefront of enabling secure and compliant access to Toncoin for institutional investors and enterprises.”

“We’re thrilled to see Tungsten receive regulatory approval from the Abu Dhabi Global Market to provide secure custody for Toncoin,” said Manuel Stotz, President at TON Foundation. “This approval reflects not only the growing institutional interest in TON, but in blockchain, crypto, and digital assets generally. It also highlights Abu Dhabi’s commitment to building a trusted, clear regulatory framework that supports decentralized organizations and champions blockchain innovation. With their deep expertise and unwavering commitment to compliance, Tungsten is the ideal partner for institutions looking to securely store Toncoin.”

Prior to this announcement, Tungsten Custody Solutions announced its support of UAE MANTRA (OM) Blockchain with its custodial services.

Founder of Telegram gets arrested while TONcoin gets price hit

Founder of Telegram gets arrested while TONcoin gets price hit

The Founder of Telegram Pavel Durov has been arrested in France under charges executed under a French Warrant and has been detained by the National Anti Fraud Office on accusations that Telegram is facilitating crimes like terrorism, narcotics trafficking and fraud as well as other accusations, whilst TON Blockchain’s coin TON loses around 16% of its value.

Since his arrest, the TON network price has seen a dive with Ton Coin losing around 16% of its value reaching $5.7. The current CoinMarketCap ranking is #10, with a live market cap of $13,959,766,595 USD. It has a circulating supply of 2,527,167,308 TON coins and the max. supply is not available.

The relationship between Telegram and TON is not clear. In 2020, Telegram settled with the US regulator, agreeing to return the ICO proceeds and pay an $18.5 million penalty. Following the settlement, the TON Foundation emerged as a separate entity from both the Telegram Open Network and Telegram itself.

Although Toncoin is independent from Telegram, Telegram’s founder and CEO Pavel Durov posted on Telegram about the project in 2021. He gave his endorsement to Toncoin while maintaining that Telegram has no remaining links, financial or technological, to $TON.

TON announced that Tether tokens could also be issued on its blockchain, allowing Telegram users to send the stablecoin to each other within the app. In April 2024, Stablecoin operator Tether strengthened ties with Telegram’s Web3 ecosystem by launching its U.S. dollar-pegged USDT. Tether also noted it would launch the gold-pegged Tether Gold (XAUT) stablecoin on TON as well.

TON has been doing very well in terms of partnerships. In a strategic move, Animoca Brands became the largest validator for The Open Network (TON) blockchain, as announced by the TON Foundation. This collaboration signifies a promising effort to advance digital property rights within gaming and the open metaverse. Animoca Brands’ Mocaverse also in July 2024 announced a strategic partnership with MOCA Foundation and The Open Network (TON) Foundation to implement an identity and reputation-based consumer network across Moca Network and TON Blockchain ecosystems. 

In 2023 MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, announced a significant investment in TON the largest layer-1 investment the firm has ever made. This investment worked alongside a strategic partnership with The Open Network (TON) Foundation.

Copper, one of the industry’s leading digital asset custodians, also integrated with The Open Network (TON), into its infrastructure.

So despite the fact that The Founder of Telegram was arrested, it seems that TON is taking the brunt of the hit, yet why given that both are different platforms with different utilities.