Key takeout
The UAE authorities have refused to provide golden visas to crypto investors, including open network programs. Open network Toncoin is not authorized or regulated by UAE authorities for residency or visa purposes.
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The UAE authorities issued a joint statement denying reports that the country will grant golden visas to Crypto investors, and announced the UAE Golden Visa program, which recently announced it has specifically addressed claims related to Open Network (TON).
Monday’s press release (WAM) from Emirates News Agency (WAM), Identity, Citizenship, Customs and Port Security (ICP), Securities and Commodity Agency (SCA), and Virtual Asset Regulatory Authority (VARA) revealed that golden visas will be issued under certain frameworks that include digital currency investors.
The ICP outlined that Golden Visa eligibility is limited to “real estate investors, entrepreneurs, exceptional talent, scientists and experts, top students and alumni, humanitarian pioneers, frontline workers.”
Vara explicitly stated that TON will not be authorized or regulated by the authorities in response to the announcement of a programme that offers a programme that offers $100,000 bets on $100,000 ton tokens for three years, and in response to the provision of a ton of Golden Visa for Ton with a processing fee of $35,000.
The SCA highlighted its commitment to international standards in financial sector regulations, saying that “digital currency investments are in compliance with certain regulations and are independent of Golden Visa eligibility.”
Three authorities issued warnings about accurate information regarding visa requirements and urged the public to rely on official government websites. They warned against engaging in unverified advertising or offering to distribute online.
Tonn did not claim to be affiliated with the UAE government. This program is a third-party service that uses Ton’s token Toncoin to support client qualifications.
Toncoin rose 13% to over $3 following the program’s initial announcement, but went up to $2.8, following authorities’ clarification per TradingView.
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