Golden Visa for Crypto? UAE Says TON’s Offer Is Not Official
In Brief:
- Official Denial: UAE government authorities, including the ICP, SCA, and VARA, have officially and jointly stated that the country does not offer Golden Visas in exchange for cryptocurrency investments.
- TON Named: The statement directly addressed claims made by The Open Network (TON), clarifying that the company is “neither licensed nor regulated by VARA” in Dubai.
- Market Impact: The false news caused Toncoin (TON) to surge over 13% before the price fell back down following the official refutation from the UAE government.
- Industry Warning: The event prompted Binance CEO Changpeng “CZ” Zhao to issue a public warning, urging investors to “Do Your Own Research” (DYOR) and always verify claims with official sources.
In an official joint statement, authorities in the United Arab Emirates have vehemently denied any program offering Golden Visas for cryptocurrency investments, directly refuting a viral campaign by The Open Network (TON) that falsely claimed investors could secure residency by staking its token.
The statement was issued collectively by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA).
The ICP was unequivocal, stating that its prestigious residency program has strict guidelines. “Golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors,” the authority clarified. It reiterated that eligible categories are limited to “real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.”
Addressing the source of the misinformation head-on, the Virtual Assets Regulatory Authority (VARA) specifically named the company behind the claims. “VARA denied any claims regarding the issuance of golden visas to virtual asset investors in Dubai,” the statement read, adding pointedly, “It also clarified that the company TON is neither licensed nor regulated by VARA.”
The SCA reinforced the separation between financial regulations and immigration policy, confirming that “digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.”
All three authorities collectively warned the public against misinformation. “The three authorities collectively urged the public and investors to exercise caution and refer to official government websites and approved communication channels for accurate information,” the statement concluded, advising the public to visit the ICP’s official website for legitimate visa information.
Binance’s CZ Urges Caution and “DYOR”
The incident prompted a swift reaction from Binance CEO Changpeng “CZ” Zhao, who took to social media to warn the crypto community about the prevalence of fake news. CZ stressed the importance of verification.
“You never know what to believe these days. 😂 DYOR, the X post read.
Market Reacts to Fake UAE Golden Visa for TON News
The false news initially had a significant impact on The Open Network’s token. The price of Toncoin (TON) surged over 13% to nearly $3.00 as the program gained traction. However, the gains were short-lived, with the price retreating after the UAE government issued its official denial.
At the time of writing, TON is trading at approximately $2.79, having erased most of the gains from the speculative rally.
While the UAE continues to position itself as a global hub for the digital asset industry, this event serves as a stark reminder that its established immigration policies operate independently of private cryptocurrency initiatives.
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