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 claimed that applicants staking $100,000 worth of Toncoin for three years make applicants eligible for the UAE’s golden visa program.

However, the cryptocurrency partially retraced after the Emirates News Agency shared a joint statement from several regulators denying that claim. 

TON is now trading at $2.84, a 6% decrease from its recently posted 24-hour high. 

UAE disputes golden visa claim

TON 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 10-year golden visa. 

Telegram CEO Pavel Durov added to the speculation by reposting the announcement on X from crypto influencer Ash Crypto on Sunday, though he has made no official comment. 

However, the Emirates News Agency later reported on Monday that the Federal Authority for 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 regulations and are unrelated to golden visa eligibility.

“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud,” the Emirates News Agency reported.

Cointelegraph reached out to the TON Foundation, President Manuel Stotz and CEO Max Crown for comment. 

Golden visa eligibility

The 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 five to 10 years, according to the Federal Authority for Identity, Citizenship, Customs and Port Security. 

Related: ‘Is this real?’ CZ questions TON’s UAE Golden Visa as gov’t sources stay silent

To be eligible, users must meet strict criteria, such as having special skills, 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 authorities that is tech-based. 

US President Donald Trump has lashed out at his former cost-cutting czar, Elon Musk, after the world’s wealthiest man said he is launching a political party to challenge the US two-party system. 

“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,” Trump posted on his Truth Social platform on Sunday, hours after Musk declared he had formed the “America Party.”

“He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States — The System seems not designed for them,” he added.

Musk’s new party threatens to fracture the Republican vote as he has threatened to target key seats leading up to the midterm elections next year, which would include aiming to unseat some Republicans.

However, while third parties — those other than the Democratic and Republican parties — have seen some success at electing state and local officials, a third party hasn’t won a presidential election since the Republican Party became a major party in 1856.

Musk posted to his X platform on Sunday that he was forming the “America Party.” He had promised to create it if Congress passed Trump’s massive tax and spending bill, which it did on Thursday.

Multiple political parties referencing the America Party, DOGE, or X were filed with the Federal Election Commission after Musk’s post, which listed him as affiliated with the entity. Musk confirmed that at least one of the filings was fake, while some on social media have questioned the legitimacy of others.

Trump and Musk feud over “big beautiful bill”

Musk has taken issue with the spending allowance in the Republican-backed One Big Beautiful Bill Act, calling it a “disgusting abomination,” as it’s estimated to add $3.3 trillion to the national debt over the next decade.

Before the bill passed, Musk threatened that he’d look to unseat any lawmakers who supported the bill, saying they would “lose their primary next year if it is the last thing I do on this Earth.”

It’s the latest in the public spat between Musk and Trump that started in late May, just before Musk finished up his special government employee role at the so-called Department of Government Efficiency, or DOGE, named in homage to the cryptocurrency Dogecoin (DOGE).

Musk has claimed the bill undermines DOGE’s work to cut government spending.

Trump faithful fears Musk’s party could fracture GOP

Trump’s biggest backers are seemingly worried that Musk’s America Party could cause the Republican vote to splinter in the midterm elections next year, risking the party’s thin majority in Congress.

Third parties rarely threaten the Republicans and Democrats, but Musk has the money to potentially influence next year’s elections if he follows through with his plan.

The US has a first-past-the-post election system, meaning the candidate with the most first-preference votes wins even if they don’t get a majority of the votes.

Some of Trump’s most loyal backers are seemingly concerned that the America Party could win over would-be Republican voters, splitting the party’s base and risking the GOP’s majority or allowing Democrat candidates to win.

Related: Bitcoin to benefit from Trump’s ‘Big Beautiful Bill,’ analysts predict 

Laura Loomer, a far-right influencer close to Trump, said on X that high-profile Republicans, including Representatives Marjorie Taylor Greene and Thomas Massie, could defect to Musk’s new party.

Musk to “laser-focus” on key Congressional seats

Musk posted to X on Friday that his party planned to focus on winning a few key House and Senate seats, which he claimed would be enough to block Republican or Democratic agendas.

“One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts.”

“Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” he added.

Russia’s energy ministry has launched a national registry of crypto mining rigs to weed out miners that dodge tax payments and illegal setups that steal power from the grid. 

State-run newspaper RIA Novosti said in a report on Friday that the Russian Ministry of Energy, the Federal Tax Service and the Ministry of Digital Development of Russia have “compiled a register” and sent it to “regions with increased miner activity.”

In June, Russian Finance Ministry official Ivan Chebeskov said that despite introducing crypto mining laws, only 30% of miners had entered the Federal Tax Service Register since late 2024. He also said the ministry was working on measures to bring the remaining 70% into the legal fold.

Russia hopes to tax and regulate crypto mining

Deputy Energy Minister Petr Konyushenko said in an interview with RIA Novosti, translated to English by Google, that this is a step toward “legalizing the industry and reducing illegal consumption.”

“The creation of such a register will allow for the precise identification of consumers using electricity for mining needs. This is necessary for applying special regulation and taxation to them.”

Russia’s Energy Ministry first flagged plans to create a national registry of crypto mining rigs and other related hardware in February to help enforce bans on mining in regions where it is prohibited, according to RIA Novosti.

Some Russian regions ban crypto mining

The Russian government began enforcing a crypto mining-related bill in November, introducing legal definitions and registration requirements for mining businesses.