Authorities in the United Arab Emirates have stated that golden visas will not be issued to cryptocurrency investors, particularly in relation to The Open Network (TON) program.
Overview of Golden Visas in the UAE
A golden visa in the UAE allows for long-term residency and is available only to specific categories of individuals. These include: - real estate investors - entrepreneurs - exceptional talents - scientists - top students - humanitarian pioneers - frontline workers.
Denial of Visas for Cryptocurrency Investors
In a joint statement, 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 cryptocurrency investors, including those in the TON program, are not eligible for golden visas. VARA noted that the TON program is not licensed or regulated by UAE authorities, raising questions about its legitimacy.
Advice for Investors
The UAE has urged the public to exercise caution and rely on official sources for visa information. Authorities recommend not engaging with advertisements or offers that have not been verified, as they may mislead potential investors.
Overall, UAE authorities have clarified the situation regarding golden visas, emphasizing that cryptocurrency investors cannot expect to obtain this type of visa, and have urged caution in investment matters.
