INSUBCONTINENT EXCLUSIVE:
The native cryptocurrency of The Open Network has retraced 6% from its 24-hour high after United Arab Emirates regulators refuted claims
that staking Toncoin (TON) could create a pathway to UAE residency.Toncoin initially shot up 10% to $3.03 on Sunday after The Open Network
program.However, the cryptocurrency partially retraced after the Emirates News Agency shared a joint statement from several regulators
claimed that applicants who stake $100,000 worth of TON for three years and pay a one-time $35,000 processing fee would be eligible for a
Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority have
said golden visas are not issued to digital asset holders.They also clarified that digital currency investments are governed by specific
specific regulations and are unrelated to golden visa eligibility
eligibilityThe golden visa is a long-term residency visa introduced by the UAE government in 2019 to attract skilled individuals to the
region.It enables foreign nationals to live, work, and study in the UAE without needing a national sponsor, with visa durations ranging from
like being a doctor, scientist, or researcher.Investors can receive a golden visa if they have public investments worth 2 million United
Arab Emirates dirham ($544,000) or more.Entrepreneurs can also be eligible if they own a registered startup recognized by the UAE
