UAE authorities deny granting golden visas for crypto investors amid TON buzz

Key Takeaways

UAE authorities have denied offering golden visas to crypto investors, including through The Open Network’s program.
The Open Network’s Toncoin is not licensed or regulated by UAE authorities for residency or visa purposes.

UAE authorities have issued a joint statement denying reports that the country grants golden visas to crypto investors, specifically addressing claims related to The Open Network’s (TON) recently announced UAE Golden Visa program.

According to a Monday press release from the Emirates News Agency (WAM), the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) clarified that golden visas are issued under specific frameworks that do not include digital currency investors.

The ICP outlined that golden visa eligibility is limited to “real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.”

VARA explicitly stated that TON is neither licensed nor regulated by the authorities, in response to TON’s announcement of a program offering UAE Golden Visas through the crypto staking of $100,000 in TON tokens for three years, accompanied by a $35,000 processing fee.

The SCA emphasized its commitment to international standards in financial sector regulation, stating that “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”

The three authorities urged the public to exercise caution and rely on official government websites for accurate information about visa requirements. They warned against engaging in unverified advertisements or offers circulating online.

TON did not claim it was teaming up with the UAE government. The program is rather a third-party service using TON’s token, Toncoin, to support customer qualification.

Toncoin climbed 13% to over $3 following the initial announcement of the program, but plunged to $2.8 following the authorities’ clarification, per TradingView.