UAE authorities have refuted claims that investors in the cryptocurrency Toncoin were granted the country’s coveted Golden Visa.
The officials clarified that golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors.
The long-term residency is granted to specific categories, which include real estate investors, entrepreneurs, outstanding talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers, as confirmed by the ICP.
The clarification was issued in a joint statement issued by Federal Authority for Identity and Citizenship, Customs and Ports Security (ICP); Securities and Commodities Authority (SCA); and Virtual Assets Regulatory Authority (Vara).
Vara stated that any licensed “company” is required to strictly adhere to visa procedures set by the Dubai government, and stated that Ton is not licenced or regulated by the Vara.
Over the weekend, Max Crown, CEO of the Ton Foundation, which manages the Telegram-based crypto ecosystem, said on X, that Toncoin holders can now acquire UAE’s much sought after Golden Visa by staking TON.
He claimed that Ton holders have “the exclusive chance to secure a 10-year Golden Visa” after a one-time fee of $35,000 along with other conditions. Here’s a screengrab of his tweet:
Vara confirmed that claims of granting golden residency to virtual asset investors in Dubai are false, and urged both investors and consumers to deal only with fully licensed and regulated companies.
Those investing in digital currency must obtain information from reliable sources to avoid being swayed by misleading or fraudulent claims, SCA said. Such investments are subject to clear regulations and is not linked to a Golden Visa, it added.
All three authorities called on the public and investors to get information from official sources, such as government websites or approved channels, and not to interact with unreliable advertisements or offers circulating online.
They added that those who wish to know details about the conditions of the Golden Residency can visit the ICP website.
