The United Arab Emirates’ Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority and Dubai’s Virtual Assets Regulatory Authority issued a joint statement denying that crypto investors can qualify for the country’s 10-year Golden Visa. The regulators said digital-asset holdings are not among the approved eligibility categories and added that Toncoin is neither licensed nor regulated in the UAE.

Their clarification follows a weekend announcement by the TON Foundation claiming that individuals who stake US$100,000 worth of Toncoin for three years and pay a one-time US$35,000 processing fee could secure a Golden Visa. Toncoin, the token linked to Telegram’s blockchain project, surged about 12% to nearly US$2.9 after the foundation’s post.

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