Gold visas denial from UAE leads to another fall in TON's value
In the dynamic world of cryptocurrencies, the importance of transparency and reliable information has never been more evident than in the recent case of TON. The flagship cryptocurrency of the Open network has seen a significant drop of over 9% in the last 24 hours, following misleading claims about the UAE's golden visa program.
The Open network had initially announced that investing $100,000 in TON, locked for three years, would grant access to the UAE's golden visa program. However, the Emirates News Agency, a trusted source of information about news related to the UAE, categorically denied the possibility of obtaining a golden visa by investing in TON.
This revelation has left the crypto community, including top 20 project TON, disappointed. The denial by the UAE authorities has dampened the euphoria among TON investors, causing a 6% price drop, and a subsequent 10% surge when the misinformation was corrected.
The UAE has positioned itself as a leading global hub for cryptocurrency investments, with clear, supportive regulations and zero taxation on crypto activities. The Virtual Assets Regulatory Authority (VARA), established under the Dubai Virtual Assets Law (DVAL), regulates the crypto market, ensuring regulatory clarity, strong compliance standards, and consumer protection.
Investors are reminded to always verify information with official sources before relying on promising announcements. This incident serves as a reminder of the importance of due diligence in the rapidly evolving world of cryptocurrencies.
As the crypto industry continues to grow, so does the need for transparency and accountability. BraveTom on X expressed skepticism about the credibility of certain projects in the crypto domain, echoing the sentiments of many in the community. Charles Ledoux, a Bitcoin and blockchain technology specialist, emphasizes the importance of verifying information before making investment decisions.
The UAE's regulatory framework, combined with its attractive tax regime, promotes institutional trust and innovation in the crypto space. While the golden visa opportunities complement this by attracting and retaining global crypto talent and investors, it is crucial to ensure that such opportunities are communicated accurately and transparently.
[1] Dubai Virtual Assets Law (DVAL) - https://www.dubaigov.ae/en/virtual-assets-regulatory-framework [2] Abu Dhabi Global Market (ADGM) - https://www.adgm.com/en/industry-sectors/financial-services/virtual-assets [3] Virtual Assets Regulatory Authority (VARA) - https://vara.gov.ae/ [4] Taxation in the UAE - https://www.pwc.com/ae/en/services/tax/publications/tax-alert-uae-tax-free-environment-for-cryptocurrencies.html
- In light of the recent misleading claims about TON's ties to the UAE's golden visa program, investors would benefit from enrolling in a crypto academy to foster a better understanding of reliable investing practices and sourcing of accurate financial information.
- As the cryptocurrency market evolves, it is essential for both newcomers and seasoned investors to familiarize themselves with established bodies like the Virtual Assets Regulatory Authority (VARA) under the Dubai Virtual Assets Law (DVAL), which promotes regulatory clarity, strong compliance standards, and consumer protection in the UAE's growing crypto industry.
