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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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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As momentum escalates, market players are keenly observing resistance points that could dictate TON’s imminent price behavior. If the buying force persists in its surge, the digital currency might be on the brink of additional gains, possibly probing upper resistance areas.

Can Toncoin’s Upsurge Continue Unabated?

Toncoin’s recent price revitalization has fortified bullish inclination, but whether this upward trend can be sustained is a pivotal concern. The digital currency has successfully secured a solid base above the $2.36 support level. Nevertheless, the continuation of this momentum hinges on an assortment of technical and market variables.

The digital currency is currently preserving its upward momentum as it nears the $4.34 resistance level and the 100-day Simple Moving Average (SMA). This consistent rise signifies burgeoning bullish force, with buyers incessantly driving the price northward despite potential resistance.

A definitive breakout above the $4.34 resistance level could reinforce the existing upward trend, positioning Toncoin towards the $6.13 resistance point. If the buying force remains robust and the price overcomes this crucial level, it could pave the way for a potential trial of its record peak of $7.29.

Technical metrics such as the MACD hint that momentum is favoring the bulls, but intensifying resistance pressure might breed volatility. Sustained buying impetus will affirm the upward trend and propel the price past these pivotal technical obstacles.

Volume analysis also bolsters Toncoin’s upward momentum, with trading volume surging by over 10%, signifying robust market engagement. Should volume continue to escalate in tandem with price evolution, it could substantiate the strength of the upward trend and enhance the prospect of additional gains.

Prospective Downside Risk

If Toncoin encounters rejection at a significant resistance level, closely tracking crucial support zones will be vital to evaluate the strength of its upward trend. The first significant support level to monitor is around $2.36, where buyers have previously shown interest. A dip to this level is likely to stimulate new demand and stabilize the price.

A plunge below this threshold could signal a momentum shift, intensifying selling pressure and resulting in a profound decline. If buyers fail to uphold crucial support zones, the price may grapple to rebound, amplifying the risk of settling at new lows.

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Market Analysis and Price Prediction

Currently trading at $52, TON is just shy of the critical $54 resistance level. Overcoming this barrier could solidly confirm a bullish trajectory as $54 has repeatedly served as a significant resistance point. Should TON manage to maintain its current support level, it could climb to $60, though a failure to breach the resistance might see it retract to the $47 support level, potentially negating the bullish outlook.

Investor Insight and Strategy

Investors and traders should monitor the Moving Average Convergence Divergence (MACD), which is on the verge of a bullish crossover, signaling potential market approval of TON’s value. An official crossover could further support the recovery narrative, making this a critical moment for stakeholder decisions.

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Toncoin’s Resilient Behavior Throughout its consolidation phase, Toncoin frequently attempted to breach the $1.50 threshold, hinting at a potential upward trajectory. However, despite the bullish market sentiments, the price couldn’t surpass the $1.50 mark, consistently closing below it. This persistent resistance suggests that the trading community is currently treading with caution. The reluctance to push beyond this price point indicates a prevailing sentiment that the market might not be ready for a sustained rise above $1.50 at this juncture.

A Brief Overview of Toncoin The Open Network, abbreviated as TON, is a high-speed, decentralized layer-1 blockchain. Launched in 2018, this proof-of-stake (PoS) network has been a favorite among cryptocurrency enthusiasts due to its swift transaction capabilities. TON embarked on ambitious projects, such as streamlining transactions within Telegram. However, it faced challenges at every step. Despite its initial emphasis on Gram, its proprietary digital currency, the project hit a roadblock when the US Securities and Exchange Commission highlighted Telegram’s oversight in registering a significant $1.7 billion Gram token sale.

Potential Resistance Re-encounter Regulatory concerns temporarily paused Gram sales, and this undisclosed offering eventually led to legal complications. Concurrently, multiple cyberattacks tarnished TON’s allure. Present market patterns suggest that Toncoin might re-approach the $1.49 resistance level if bullish sentiments can elevate prices beyond the $1.31 mark. For this scenario to materialize, a candlestick closure above $1.31 is crucial. However, if TON’s price resists the $1.31 level, it might revert to its current support level at $1.17.

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The TON chat software now has a full-fledged cryptocurrency wallet developed by a group of independent developers. As a result of this update, users may now engage in bitcoin transactions without the need for a middleman.

Sending Toncoin simply requires the recipient’s Telegram handle, rather than their cryptocurrency address. Telegram users may now use their credit or debit cards to purchase Toncoin directly via the @wallet bot, which operates much like banking software. Toncoin (TNC) will be tradeable for USD, EUR, UAH, BYN, and KZT, among other fiat currencies.

Telegram P2P Market

Telegram’s co-creators, Parel Durov and Nikolai Durov, created The Open Network (TON) in 2018. The original developers eventually handed the project to the TON community, who have been responsible for its continued development and improvement. In time, a group of non-profit supporters banded together to form the TON Foundation, whose responsibility is to oversee the creation of the TON Blockchain.

To make it easier to buy and sell cryptocurrencies via Telegram, the TON development community created the @wallet bot. Over a million wallets have been generated and quarterly income has been at over $5 million since the debut of the @wallet.

The @wallet team explained their plans to build a trading bot for Telegram. They state that they are making progress toward their ultimate aim of developing a full-fledged crypto wallet linked to Telegram through a bot with the introduction of the P2P market.

The creators set out to create a bitcoin wallet that could be used by regular individuals with no training. They anticipate that this “simplicity” strategy will allow them to attract a large user base and that @wallet will quickly rise to prominence as Telegram’s preferred cryptocurrency wallet.

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