The authorities in the United Arab Emirates (UAE) have firmly denied rumors regarding the possibility of individuals acquiring the country’s Golden Visa through staking Toncoin. The Federal Authority for Identity, Citizenship, Customs and Port Security, along with the Securities and Commodities Authority (SCA) and Dubai’s Crypto Regulator (VARA), released a statement on Monday to refute such claims.

Toncoin, which is currently priced at approximately $2.7954, saw a notable increase of 12% over the weekend after Max Crown, CEO of the TON Foundation, suggested that Toncoin holders could secure the coveted Golden Visa by staking $100,000 worth for three years and paying a $35,000 processing fee. However, VARA emphasized that Toncoin is neither licensed nor regulated in Dubai, indicating that the golden visa criteria do not encompass digital currency investors.