Dubai: No golden visa for digital currency investors
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement denying reports it said have been circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.
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The announcement came afte, Max Crown, CEO of the Ton Foundation, posted on X that 'Toncoin has just launched a groundbreaking initiative, offering TON holders the exclusive chance to secure a 10-year Golden visa' (for UAE) after 'staking $100K in $TON for 3 years', paying a one-time fee of $35,000 and unlocking funds after three years.
However, the foundation later said in a blog post that the arrangement was part of a collaboration with an undisclosed partner 'specializing in blockchain infrastructure and tokenized assets' and acknowledged that the UAE government had no direct involvement in this.
The ICP in its statement said eligible categories for the coveted visa include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
Meanwhile the SCA said its procedures are designed to ensure transparency, credibility, and bolster investor confidence both locally and internationally, in line with the UAE's goals of attracting quality capital and fostering a sustainable investment environment.
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.
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Similarly, VARA denied any claims regarding the issuance of golden visas to virtual asset investors in Dubai. It urged investors and consumers to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.
VARA also noted that companies it licenses must strictly adhere to the visa procedures outlined by the Government of Dubai and the relevant federal authorities. It also clarified that the company TON is neither licensed nor regulated by VARA.
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The three authorities urged the public and investors to exercise caution and refer to official government websites and approved communication channels for accurate information. They warned against engaging with unverified advertisements or offers spreading online.
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