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 denying reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.
The ICP clarified that golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors. Eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
The SCA reaffirmed its commitment to internationally recognised standards in regulating the financial sector and securities services in the UAE. It stated that its procedures are designed to ensure transparency, credibility, and bolster investor confidence both locally and internationally, in line with the UAE’s strategic 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.
Similarly, VARA denied any claims regarding the issuance of golden visas to virtual asset investors in Dubai. It strongly urged investors and consumers to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.
VARA reaffirmed its commitment to the highest standards of risk assurance and effective collaboration with the SCA and relevant federal and local law enforcement entities to maintain a secure operational environment that prioritises consumer protection at all times. It noted that companies licensed by VARA 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.
The three authorities collectively 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.
Toncoin (TON) had recently announced that users staking $100,000 worth of TON for over three years could make it to the UAE’s golden visa program. On the announcement their cryptocurrency surged 10% reaching $3.03 but then slipped 6% after the UAE dismissed teh assertions.
CZ, the Founder of Binance shared his thoughts on this noting that some believed TON only wanted to charge users $35000 to forward their application. He said, ” According to The Open Network, a three-year $100,000 TON stake and a single $35,000 processing fee would make applicants eligible for a 10-year UAE golden visa. ” He added that he felt the TON announcement didn’t specify enough, and the details they gave on the eligibility of a golden visa are pretty vague. He also claimed he had not verified the news with an official source yet, though some stated that the RAK (Ras Al Khaimah Emirate) DAO had approved.
On Durov’s repost on the announcement, CZ commented: “I am a supporter of Durov, especially given his current situation. But I like to ‘trust but verify’. I’d expect something like this to have a government partnership and announcement. It might still be true, just saying I haven’t been able to verify.”
Telegram CEO Pavel Durov reposted the TON announcement from crypto influencer Ash Crypto on X on Sunday. While he didn’t comment directly, his post made some believe the claims were credible.
