The UAE authorities have published a joint statement on Monday, denying false reports over golden visa for crypto investors.

The buzz emerged after Toncoin (TON), the native token of The Open Network, unveiled an innovative staking-based Golden Visa program. According to TON’s claims, participants can secure long-term residency by staking crypto, rather than meeting the income thresholds.

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 10-year golden visa, TON said.

Per a WAM news agency report, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets…