Contrary to circulating reports, the United Arab Emirates (UAE) has publicly refuted claims that it issues golden visas to cryptocurrency investors, specifically addressing rumors surrounding The Open Network’s (TON) recent UAE Golden Visa program announcement. This clarification was jointly issued by UAE authorities in a press release on Monday.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) stated unequivocally that the country’s golden visa issuance does not extend to digital currency investors. The visas are strictly allotted within specific frameworks, mainly for “real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.”
In response to TON’s announcement of a program offering UAE Golden Visas through a $100,000 staking of TON tokens for three years, along with a $35,000 processing fee, VARA made it clear that TON is neither licensed nor regulated by the authorities.
The SCA reinforced its dedication to global financial sector regulation standards, stressing that “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”
The three authorities encouraged the public to exercise prudence and to rely on official government websites for accurate visa requirement information. They also cautioned against engaging with unauthenticated advertisements or offers circulating on the internet.
It’s worth noting that TON did not claim to partner with the UAE government. The program is essentially a third-party service utilizing TON’s token, Toncoin, to aid customer qualification.
Following the program’s initial announcement, Toncoin surged 13% to over $3, but fell to $2.8 after the authorities’ clarification, according to TradingView data.
