VARA Says TON Isn’t Even Regulated in Dubai as UAE Authorities Debunk Reports of Golden Visa

United Arab Emirates (UAE) authorities have sharply rebuffed studies of people with the ability to purchase UAE’s Golden Visa by staking Toncoin

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The Federal Authority for Identity, Citizenship, Customs and Port Security

, the Securities and Commodities Authority (SCA), and Dubai’s crypto regulator Virtual Assets Regulatory Authority (VARA), issued an announcement on Monday denying any such association.

ICP stated that golden visas frameworks nonetheless don’t embody digital forex buyers. VARA additionally reiterated that TON is neither licensed nor regulated by the regulator.

Over the weekend, Max Crown, CEO of the TON Foundation, which manages the Telegram-based crypto ecosystem, stated on X, that Toncoin holders can now purchase UAE’s a lot wanted Golden Visa by staking TON.

Crown added that candidates who stake $100,000 price of toncoin for 3 years and pay a one-time processing price of $35,000, can now get a 10-year Golden Visa.

TON surged 12% after the announcement leaping to just about $2.9.

In May, Telegram founder Pavel Durov stated that the messaging platform has partnered with Elon Musk’s synthetic intelligence agency, xAI. Soon after, Musk clarified that the deal was but to be signed.

Read extra: TON Surges on UAE Golden Visa News; Crypto Community Reacts With Excitement and Doubt