TON Coin Erases Some Gains After Golden Visa Clarification

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…