Are Cryptocurrency Investors Eligible For UAE Golden Visa? Here's What Authorities Are Saying

The United Arab Emirates authorities on Sunday dismissed reports circulating online that golden visas will be granted to digital currency investors.

What happened: The Federal Authority for Identity, Citizenship, Customs & Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority said in a joint statement that the eligibility criteria for the so-called golden visas doesn't include digital currency investors.

"Eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers," the statement read.

The three agencies urged the public and investors to be cautious and rely on official government websites and approved communication channels for reliable information.

Why It Matters: The clarification comes after Toncoin TON/USD, a cryptocurrency project tied to social messaging giant Telegram, announced a program that gives users who stake their TON tokens a chance to secure a 10-year Golden Visa to the Gulf country.

Toncoin said users will have to stake $100,000 in TON, which will remain locked for three years, and pay a $35,000 processing fee.

Interestingly, when Binance BNB/USD founder Changpeng Zhao inquired about the legitimacy of the news, TON Foundation CEO Max Crown said that it was “definitely real.”

The TON Foundation didn't immediately return Benzinga's request for comment.

Price Action: At the time of writing, TON was exchanging hands at $2.81, slipping 2.81% in the last 24 hours, according to data from Benzinga Pro.

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