TON cryptocurrency drops 6% after UAE denies golden visa claim, now trading at $2.84

The native cryptocurrency of The Open Network, TON, dropped by 6% after UAE regulators denied claims that staking TON could lead to residency. TON surged 10% to $3.03 when TON claimed that staking $100,000 of TON for three years would make applicants eligible for UAE’s golden visa program. Now trading at $2.84, TON’s price decreased. UAE regulators dispute TON’s claim of a golden visa for staking TON, stating that digital currency investments do not make one eligible for a golden visa. The golden visa is a long-term residency visa introduced by the UAE government in 2019 to attract skilled individuals, allowing foreign nationals to live, work, and study in the UAE without a national sponsor. Eligibility criteria include having special skills or making public investments worth over $544,000.

Read more at Cointelegraph: TON Coin Erases Some Gains After Golden Visa Clarification