UAE Authorities Jointly Refute Claims That Digital Currency Investments Qualify For Golden Visa
In Brief
UAE authorities have denied claims that investing or staking in digital currencies, including Toncoin, qualifies individuals for the country’s Golden Visa, reaffirming that visa eligibility follows strict, officially approved criteria unrelated to virtual assets.
Authorities in the UAE, including 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 jointly denied reports circulating online that claim golden visas are granted to digital currency investors. The ICP stated that golden visas are issued based on defined and officially endorsed criteria, which currently do not include investment in digital currencies. Recognised eligible categories include individuals such as real estate investors, entrepreneurs, exceptional talents, scientists and specialists, outstanding students and graduates, humanitarian contributors, and frontline workers.
The SCA reiterated its adherence to internationally accepted financial regulations and clarified that digital currency investment is governed by a separate set of rules unrelated to golden visa eligibility. The authority emphasized the importance of verifying information through official channels to avoid falling victim to misinformation or fraudulent activity.
VARA also dismissed claims linking virtual asset investments to golden visa issuance in Dubai. The authority advised individuals to engage only with entities that are fully licensed and regulated in the virtual assets sector. It underlined its ongoing collaboration with the SCA and law enforcement bodies to maintain a secure and transparent ecosystem, with a focus on safeguarding consumer interests. Additionally, VARA clarified that the company known as The Open Network (TON) is not licensed or regulated by the authority and is therefore not eligible for any visa-related provisions under its oversight.
TON Foundation CEO’s Claims That Staking Toncoin Secures UAE Golden Visa
The clarification was issued following recent claims made on social media by Max Crown, identified as the CEO of the TON Foundation, which oversees the Telegram-associated cryptocurrency network. In a post on X, Crown stated that holders of Toncoin could now obtain the UAE’s Golden Visa by staking a specified amount of the digital asset. According to the claim, individuals who commit $100,000 worth of Toncoin for a three-year period and pay a one-time fee of $35,000 would be eligible for a 10-year Golden Visa.
Following this statement, several media platforms reported the claim, which coincided with a 12% increase in the value of Toncoin, bringing its price close to $2.90. However, official regulatory bodies in the UAE have since denied any such linkage between digital asset staking and eligibility for the Golden Visa, confirming that visa issuance remains governed by established and officially recognised criteria.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
