In a recent press release, the TON Foundation stated, “No official Golden Visa program has been launched in partnership with the UAE government, nor has any governmental endorsement been provided to TON.” The foundation further clarified that the initiative is still in its developmental stages and has not been officially launched.

The foundation emphasized their commitment to creating a compliant, blockchain-based framework that could potentially facilitate access to residency pathways. They acknowledged that any offerings would be fully compliant with all relevant laws and regulations.

On July 6, TON Foundation, the independent entity overseeing the Telegram-focused blockchain network TON, announced plans for the UAE Golden Visa program. The proposal was for investors who staked $100,000 in Toncoin (TON) for three years and paid a $35,000 processing fee to receive a 10-year visa to the UAE.

The program’s partner, Peravel, a crypto-native travel company, stated that final approval of all visa applications would remain with UAE officials. The UAE government has also pointed out that digital currency investments do not qualify for Golden Visa eligibility.

CEO of Peravel, Ehsan Sattari, reassured investors by saying, “Peravel guarantees a full refund of all fees if an application is not approved by authorities, given that all documents are accurate and genuine.”

The UAE Golden Visa offers long-term residency to foreign nationals, granting them the right to live, work, or study in the country. It also provides a set of privileges like no need for a sponsor, ability to sponsor family members, and staying outside the UAE for more than the standard six months.

As of publication time, Toncoin traded at $2.78 with a trading volume of $317.6 million in the previous 24 hours. TON’s market capitalization stands at $6.9 billion, ranking it the 22nd most valuable cryptocurrency, according to The Block’s TON Price Page.

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TON had confidently stated that applicants could secure their Golden Visa in under seven weeks from document submission to the Visa Office. The company also mentioned that its UAE-based partners would handle the visa processing and residency status confirmation.

However, a subsequent press release from the Emirates News Agency (WAM) clarified that The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) had jointly stated that Golden Visas are not granted to digital asset holders.

The press release emphasized that digital currency investments are subject to specific regulations and are not related to Golden Visa eligibility. WAM urged investors to obtain information from reliable, official sources to avoid misinformation or fraud. VARA also clarified that TON is neither licensed nor regulated by VARA.

Despite the controversy surrounding the Golden Visa program, TON’s proposal had initially sparked interest in the crypto community. The program had promised estimated annual yields of 3% to 4% on staked assets, an incentive for crypto investors. Furthermore, the Golden Visa would supposedly extend coverage to immediate family members, including spouses, children, and parents, without any extra cost beyond standard government fees.

However, questions have been raised about TON’s Golden Visa program, with critics noting that it isn’t an official partnership with the UAE government. In response to TON’s claims, Sigil Fund partner Joe HedgeHog stated, “3rd party provider is using TON as a proxy to help their clients get golden visa for entrepreneurs. They could have used FARTCOIN instead.”

The controversy comes as the UAE continues its push to become a leading destination for blockchain and crypto projects. Recently, the Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Centre (DIFC), approved Ripple’s RLUSD stablecoin. The country is actively positioning itself as a leader in digital finance.

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The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) stated unequivocally that the country’s golden visa issuance does not extend to digital currency investors. The visas are strictly allotted within specific frameworks, mainly for “real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.”

In response to TON’s announcement of a program offering UAE Golden Visas through a $100,000 staking of TON tokens for three years, along with a $35,000 processing fee, VARA made it clear that TON is neither licensed nor regulated by the authorities.

The SCA reinforced its dedication to global financial sector regulation standards, stressing that “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”

The three authorities encouraged the public to exercise prudence and to rely on official government websites for accurate visa requirement information. They also cautioned against engaging with unauthenticated advertisements or offers circulating on the internet.

It’s worth noting that TON did not claim to partner with the UAE government. The program is essentially a third-party service utilizing TON’s token, Toncoin, to aid customer qualification.

Following the program’s initial announcement, Toncoin surged 13% to over $3, but fell to $2.8 after the authorities’ clarification, according to TradingView data.

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“Get your Golden Visa in less than 7 weeks following document submission to the Visa Office,” stated TON on Saturday. The company also assured that UAE-based associates would handle the visa processing and residency status verification. It’s worth noting that applicants will maintain control of their stakes via a decentralized smart contract that can be verified on the TON blockchain.

In addition to the visa, the program also offers an estimated annual yield of 3% to 4% on the staked assets, providing added motivation for crypto investors. Their Golden Visa includes coverage for immediate family members like spouses, children, and parents, with no extra charges other than standard government fees.

The usual UAE Golden Visa routes require a minimum investment of $540,000 in non-liquid assets. TON’s scheme, on the other hand, brings down this entry point by 80%, requiring only $100,000 in staked TON.

Following TON’s announcement, Toncoin’s price saw a surge of over 10%. However, despite the recent increase, the token’s value remains down by over 60% compared to the previous year, as per CoinMarketCap data.

This crypto-based residency program is a reflection of UAE’s ambition to become a leading destination for blockchain innovation. The country has seen a surge in crypto companies setting up shop, thus strengthening its position as a digital finance leader.

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BONK, the meme coin, leaps forward with a 20% daily rise as Bitcoin (BTC) remains steadfast at the $108,000 mark. This occurs as a notable event amidst a generally quiet Sunday morning where most larger-cap altcoins have shown minimal gains. TON and BONK stand out as the day’s top performers.

Bitcoin’s journey has been static, showing little deviation from the $108,000 mark. The last significant price swing happened around two weeks back – on June 23 and 24 – when it dipped to $98,000 before rallying past $105,000 the next day amid escalating Middle East tensions. Since then, the crypto giant has been trading in the narrow range of $105,000 to $110,000.

On Wednesday, the lower boundary was tested, leading to a bull-driven push towards the upper limit. Bitcoin teased a possible breakout on Thursday, peaking at $110,500. However, the bears intervened, preventing a new all-time high. Since then, Bitcoin has returned to $108,000, where it has largely remained. BTC’s market capitalization remains robust at $2.15 trillion, with a dominant share of over 63% in market capital.

While most larger-cap altcoins are slightly green, the standout performers are TON and BONK. TON has seen a rise of over 9%, trading at $3, whereas BONK has surged by 20%, trading at $0.000022. The overall crypto market cap remains relatively stable at $3.4 trillion.

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According to a report from the French newspaper, Le Monde, Durov is allowed to travel exclusively to Dubai, where Telegram’s headquarters is located, for a period of 14 days starting from July 10. Previously, in March, he was permitted to visit Dubai for a few weeks.

Apart from business-related reasons, Durov has personal motivations for his travel to Dubai. In an interview with the conservative French newspaper, Le Point, Durov stated, “I have just become a father and I’m missing the initial months of my son’s life. He doesn’t have a passport yet because I wasn’t there during his birth in Dubai. My teenage son, who’s currently in a boarding school in Dubai, recently broke his arm and lacks parental support.”

Durov was arrested by agents of France’s National Anti-Fraud Office on August 24, 2024, concerning a substantial cybercrime investigation. Allegations against the Telegram CEO include providing cryptography tools and services, circulating minor’s pornographic materials, and money laundering, as previously reported by The Block.

Telegram, a secure messaging platform, supports the Layer 1 blockchain The Open Network (TON). TON’s native token, Toncoin, currently trades at $2.93 with a trading volume of $128.4 million in the last 24 hours, as shown by The Block’s TON Price Page. The token holds a market capitalization of $7.2 billion.

During the summer of 2024, TON and Toncoin experienced a significant growth, primarily due to blockchain-based mini apps like Hamster Kombat and Notcoin on the messaging platform. The Block’s Data Dashboard reveals that the number of active TON addresses peaked at 1.44 million on October 2, 2024, and now stands at 130,000 as of June 17.

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Just over a month ago, ETH experienced a sharp price drop to its lowest level in over a year, pegged at $1,400 on April 9. Although it showed some recovery in the following weeks, it faced challenges in confidently surpassing the $1,800 mark. This changed with the recent positive macro developments and the implementation of the Pectra upgrade, which led to a sharp increase in ETH’s price.

On a daily basis, ETH has shot up by nearly 9%. However, its weekly surge is even more remarkable – nearly 40%, pushing its price well beyond the psychological resistance of $2,500.

Other altcoins have followed in ETH’s footsteps with significant price gains. DOGE, for instance, has surged by over 16% and is currently trading above $0.24. ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE have also shown impressive growth. PI, UNI, and NEAR have recorded double-digit price increases over the past day, while LEO stands out as one of the few tokens in the red.

The total crypto market cap has swelled by an additional $70 billion and now stands at $3.470 trillion, according to CG.

While Bitcoin (BTC) remains green on a daily scale, its gains are less dramatic. BTC has seen a modest increase of less than 1% and is trading above $104,000, after being halted at $105,000 earlier. On a weekly scale, BTC has leaped by almost 9%, breaking the $100,000 barrier for the first time in over three months.

However, BTC’s dominance over the altcoins has experienced a significant decrease. The metric, which was as high as roughly 62% a few days ago, has dropped to under 60% as of now. Despite this, BTC’s market cap continues to rise and is currently pegged at $2.070 trillion on CG.

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Last year, the TON blockchain saw a substantial increase in activity driven by Telegram-based mini apps and games such as “Notcoin” and “Hamster Kombat”. However, this momentum has since slowed.

Earlier this year, the foundation also appointed Manuel Stotz as president. Crown brings to the table a rich entrepreneurial experience, having co-founded MoonPay, a leading name in global crypto payments. As the CFO and COO of MoonPay, Crown played a crucial role in defining the company’s finance and operations, helping it grow into one of the largest crypto payment platforms globally. He has also successfully built strong ties with banks, payment companies, and regulatory bodies, solidifying MoonPay’s reputation as a trusted fintech leader.

Despite the slow growth, TON blockchain’s active user count exceeded 40 million over the past year, and the ecosystem now boasts 121 million “unique” Toncoin holders, as per the foundation’s claim.

In February, TON’s previous president, Steve Yun, started a $100 million fund called TVM Ventures, aimed at TON-based startups. He mentioned his expectation for TON to secure a significant portion of the stablecoin market in the coming years.

Last month, the TON Foundation announced that a consortium of venture capitalists, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, had invested over $400 million in the Toncoin cryptocurrency.

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Wednesday saw a peak in the price after news broke out about Elon Musk’s decision to step back from President Trump’s advisory group, pushing Bitcoin to a high of over $88,000. However, the coin observed an immediate depreciation of over six thousand dollars following ‘Liberation Day’ and the subsequent tariffs imposed by the POTUS.

More instability was observed towards the weekend’s end as other nations reacted to the situation. BTC faced resistance at $85,000 multiple times, while the $81,000 support level prevented further fall in the price. As of the present, Bitcoin is valued at around $83,500, with a static market cap of $1.660 trillion and a slightly reduced dominance over altcoins of just under 60% according to CG.

In other news, the native token of Pi Network, PI, has finally broken its continuous downward curve and has witnessed a 9% surge in the last 24 hours. Despite hitting an all-time low recently, the token is now valued at $0.6. However, its monthly performance remains disappointing with a 69% drop.

Among the other altcoins, OKB stands out with a similar surge to over $51. TON, on the other hand, has observed a sharp decrease (-7%), followed by LEO and ICP. SOL, XRP, and DOGE have noted minor increases, while BNB, ADA, and TRX have experienced insignificant losses over the past 24 hours.

The total cryptocurrency market cap has added around $60 billion since yesterday’s low, currently standing at $2.780 trillion on CG.

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Bitcoin (BTCUSD) experienced a dip of 4.29% last week, but a recovery was initiated by bullish investors which pushed the price back to $83,500 on March 31. With new US trade tariffs set to be implemented on April 2, traders are likely to remain vigilant as it could lead to sudden market movements.

Despite the cautious approach of traders, the lower levels of the market are attracting buyers. CoinShares reported that cryptocurrency exchange-traded products (ETPs) saw modest inflows of $226 million last week. Strategy took advantage of Bitcoin’s dip by acquiring 22,048 Bitcoins worth $1.92 billion, at an average price of $86,969. Following this purchase, the company now holds 528,185 Bitcoins bought for a total of approximately $35.63 billion.

The S&P 500 Index (SPX) experienced a bull trap when it broke above the 20-day exponential moving average (5,706) on March 24, but then sharply declined on March 26, breaking below the 5,600 support. The US Dollar Index (DXY) has also been trading below the 20-day EMA (104.46), indicating a negative sentiment in the market.

Other cryptocurrencies like Ether (ETHUSD), XRP (XRPUSD), Binance Coin (BNBUSD), Solana (SOLUSD), Dogecoin (DOGEUSD), Cardano (ADAUSD), and Toncoin (TONUSD) were also analyzed, showing varying levels of performance and market trends.

It’s important to note, however, that this article does not provide investment advice or recommendations. Every investment and trading move comes with risks, and readers are advised to conduct their own research before making any decisions.

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