It’s a truth universally acknowledged, that a cryptocurrency in possession of a good fortune, must be in want of a golden visa. Or so The Open Network thought, until the United Arab Emirates regulators came along and burst their bubble.
Toncoin, the native cryptocurrency of The Open Network, had a brief moment of glory on Sunday, shooting up 10% to $3.03 after the company claimed that staking $100,000 worth of Toncoin for three years would make applicants eligible for the UAE’s golden visa program. But, as the saying goes, “pride comes before a fall.” And fall it did, by 6% to $2.84, after the Emirates News Agency shared a joint statement from several regulators denying the claim. 🤦♂️
It seems that The Open Network had gotten a bit ahead of itself, and the UAE authorities were not amused. “Golden visas are not issued to digital asset holders,” they said, in a tone that was almost as dry as the desert sand. “Digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.” Ah, the sweet taste of reality. 😂
But what exactly is this golden visa, you ask? Well, it’s a long-term residency visa introduced by the UAE government in 2019 to attract skilled individuals to the region. It’s like a golden ticket to the UAE, but instead of chocolate, you get to live, work, and study in the country without needing a national sponsor. 🍫
To be eligible, you need to meet strict criteria, such as having special skills, like being a doctor, scientist, or researcher. Or, you know, you could just have a lot of money. Investors can receive a golden visa if they have public investments worth 2 million United Arab Emirates dirham ($544,000) or more. 💸
Entrepreneurs can also be eligible if they own a registered startup recognized by the UAE authorities that is tech-based. Because, you know, tech is the future, and the UAE wants to be a part of it. 🚀
And so, dear Toncoin, it seems that your golden visa dreams have been dashed. But don’t worry, there’s always next time. Or maybe not. 😜
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2025-07-07 04:53