UAE Authorities Refute Issuing Golden Visas for TON Cryptocurrency Users

# UAE Authorities Dismiss Rumors of Golden Visa Eligibility for Crypto Investors The United Arab Emirates (UAE) authorities have refuted claims that cryptocurrency investors can qualify for the nation's esteemed Golden Visa program. According to a report by Crypto Briefing on the 7th, these rumors originated from a recent announcement by The Open Network (TON) about a UAE Golden Visa initiative. In a joint statement released on Monday, the UAE's Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) stressed that the Golden Visa is awarded based on specific eligibility criteria. “Cryptocurrency investors do not meet these requirements,” the statement said. The ICP highlighted that eligibility for the Golden Visa is confined to categories such as property investors, entrepreneurs, individuals with exceptional talents, scientists and professionals, top-performing students and graduates, humanitarian pioneers, and frontline workers. # TON's Initiative Under Review VARA clarified that TON is neither licensed nor regulated by UAE authorities. This follows TON's claims that individuals staking $100,000 in Toncoin (TON) for three years and paying a $35,000 processing fee could qualify for a UAE Golden Visa. The SCA reinforced this point, stating that investments in digital currencies are subject to specific regulations that are unrelated to the Golden Visa framework. The agency reiterated its commitment to upholding international financial regulatory standards. # Warning Against Unverified Information Authorities urged the public to verify visa-related information through official government websites and to be cautious of unverified advertisements or offers circulating online. Despite TON not claiming direct collaboration with UAE authorities, its program has been identified as a third-party initiative leveraging Toncoin for purported Golden Visa eligibility. # Toncoin's Market Volatility Following TON’s program announcement, the price of Toncoin surged by 13%, surpassing $3. However, subsequent clarifications from UAE authorities led to a price decline back to $2.8, according to TradingView data. Market participants are advised to thoroughly scrutinize investment opportunities and rely on credible sources for regulatory updates.