UAE clarifies that TON and crypto investors don't get golden visas
On Sunday July 6, there was widespread speculation on social media that investors in the cryptocurrency Toncoin would be granted a 10-year golden visa.
However, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) , the Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA) have issued a joint statement to deny these false reports.
Golden visas, which allow holders to live, work and study in the UAE without the need for a national sponsor, are issued according to clear and officially approved frameworks and criteria.
While the rules have opened up in recent years, the ICP has highlighted that the frameworks and criteria do not include digital currency investors.
Eligible criteria include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers and frontline workers.
And, in Dubai, help is provided to eligible nurses, teachers and content creators to obtain the document.
You may like: Every UAE golden visa category explained
The SCA reaffirmed that it is committed to upholding internationally recognised standards in regulating the financial sector and securities services in the UAE.
It further clarified that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. The authority urged investors to obtain information from credible and official sources to avoid misinformation or fraud.
VARA denied any claims regarding the issuance of golden visas to virtual asset investors in Dubai. The authority urged consumers and investors to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.
Companies licensed by VARA must strictly adhere to the visa procedures outlined by the Government of Dubai and the relevant federal authorities.
The company TON, which claimed it was capable of offering users the chance to get a golden visa, is not licensed or regulated by VARA.
The three authorities urged the public and investors to exercise caution and only refer to official government websites and approved communication channels for accurate information.
They also warned against engaging with unverified adverts or offers spreading online.
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