The UAE has clarified that digital currency investors will not have a chance to obtain its new nomination-based Golden Visa that offers lifetime residency without the requirement to invest in property or business. This comes amid claims that Toncoin holders can now acquire the UAE’s much sought-after Golden Visa by staking TON.
A joint statement issued by the Federal Authority for Identity and Citizenship, Customs and Ports Security, Securities and Commodities Authority and Virtual Assets Regulatory Authority (VARA) said the Golden Visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors.
These visas are granted under a specific legal framework that applies to a few chosen groups, including top students, scientists, entrepreneurs, and real estate investors. Investors in digital assets are not eligible for any of the existing visa categories.
The clarification came as Max Crown, CEO of the Ton Foundation, which manages the Telegram-based crypto ecosystem, said on X that Toncoin holders can now acquire a Golden Visa by staking TON. He said Ton holders have the “exclusive chance to secure a 10-year Golden Visa” after a one-time fee of $35,000, along with other conditions.
However, the VARA said the claims of granting golden residency to virtual asset investors in Dubai are false. It also urged both investors and consumers to deal only with fully licensed and regulated companies. “Those investing in digital currency must obtain information from reliable sources to avoid being swayed by misleading or fraudulent claims, SCA said. “Such investments are subject to clear regulations and are not linked to a Golden Visa,” it added.
It added that any licensed “company” is required to strictly adhere to visa procedures set by the Dubai government, and stated that Ton is not licensed or regulated by the Vara.
The UAE Golden Visa is a long-term residence visa allowing foreign nationals to live, work, or study in the UAE without the help of a sponsor.