In a swift move, UAE authorities denied The Open Network’s (TON) claim that it would offer golden visas to TON stakers as announced yesterday. Several news outlets reported that TON will offer golden visas, as indicated on the company’s website, which displayed a page stating: “Unlock your 10-year UAE golden visa with TON.”
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 declared the clarification. Although the authorities did not directly mention TON, their statements provided to Emirates News Agency (WAM) shows that there is no golden visa for digital currency investors in the UAE.
The Golden visa is a scheme by the UAE government where foreign nationals can get a long-term residency visa only if they meet certain eligibility criteria.
What did TON announce?
That one big caption, “Unlock your 10-year UAE golden visa with TON,” might have captivated several crypto enthusiasts who love coming to Dubai to explore the land of opportunities. The caption follows an apply button, where TON stakers can enter their details such as full name, email, and TON wallet address.
Screenshot from TON’s website showing the golden visa announcement
Max Crown, CEO of TON, also wrote on X about the blockchain company’s initiative. The post read that people can stake $100,000 for three years, pay a one-time fee of $35,000, and unlock funds after three years. And, this is how TON stakers can avail of the golden visa, according to the company executive.
UAE’s clarification in depth
Looking over the matter, UAE’s ICP clarified that golden visas are issued based on clear and officially approved frameworks and criteria, and these visas do not include digital currency investors. People who are eligible for the golden visa must fall under any of these categories: real estate investors, exceptional talents, entrepreneurs, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
VARA, UAE’s digital asset regulatory body, also denied any claims of providing golden visas to digital asset investors. It pressed the point that investors and consumers must deal exclusively with “fully licensed and regulated companies” when engaging in virtual asset services and investments.
SCA’s noteworthy statement clarified that digital currency investments come under specific regulations and have no connection to golden visa eligibility.
Concluding their statement, the three regulatory bodies simultaneously warned the public and investors to be cautious against unverified statements and seek official government websites or approved communication channels for accurate information.
