The UAE authorities have recently stated that they are not offering golden visas to cryptocurrency investors, particularly regarding The Open Network’s (TON) new program.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement.
They explained that only certain groups can qualify for golden visas. These groups include real estate investors, entrepreneurs, exceptional talents, scientists, top students, humanitarian pioneers, and frontline workers.
The clarification is in response to TON’s announcement about a program that claimed to provide UAE Golden Visas to people who invest $100,000 in TON tokens for three years, plus a processing fee of $35,000.
In addition, VARA pointed out that TON is not licensed or regulated by UAE authorities. This means the program lacks official support. The SCA also added that rules for investing in digital currencies are different from the requirements for golden visas.
Note that the authorities asked the public to be careful and to use official government sources for correct information about visa requirements. They also advised not to interact with ads or offers that haven’t been verified, as these could confuse potential investors.
