UAE quashes reports claiming grant of Golden Visa to cryptocurrency investors

The United Arab Emirates has denied reports claiming that the country grants golden visas to investors in digital currencies. The clarification over the matter comes after reports circulated on certain websites claiming that golden visas were issued to cryptocurrency investors.

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 issued a joint statement and clarified that there are criteria and a framework involved when it comes to issuing such visas.

According to The Gulf News, eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.

While issuing clarification on the matter, the ICP emphasized that golden visas are issued according to clear and officially approved frameworks and criteria, which do not include digital currency investors.

The SCA reiterated its commitment to internationally recognized standards in regulating the financial sector and securities services in the Emirates.

The authority further stated that its procedures are designed to ensure transparency and credibility and strengthen investor confidence within the country and abroad. All these steps are taken in line with the goals of attracting quality capital and fostering a sustainable investment environment.

The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud.

Meanwhile, VARA also denied any claims about the issuance of golden visas to virtual asset investors in Dubai. The authority urged investors and consumers to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.

VARA reaffirmed its commitment to the highest standards of risk assurance and effective collaboration with the SCA and relevant federal and local law enforcement entities to maintain a secure operational environment that prioritizes consumer protection at all times.

It further underscored that companies licensed by VARA must strictly adhere to the visa procedures outlined by the Government of Dubai and the relevant federal authorities. It also clarified that the company TON is neither licensed nor regulated by VARA.

The three authorities came together to request the public and investors remain cautious and seek accurate and authentic information. They also asked people to rely on official government websites and approved communication channels and warned against engaging with unverified advertisements or offers spreading online.