DUBAI, July 7: UAE authorities have firmly denied claims that investors in the cryptocurrency Toncoin are eligible for the country’s prestigious Golden Visa.

In an official joint statement, the Federal Authority for Identity and Citizenship, Customs and Ports Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) clarified that Golden Visas are issued based on well-defined and approved criteria. These criteria do not include investments in digital currencies.

The Golden Visa — a long-term residency program — is granted to select categories, including real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top-performing students and graduates, humanitarian pioneers, and frontline workers, according to the ICP.

The clarification follows recent claims by Max Crown, CEO of the Ton Foundation, who stated on the social media platform X that holders of Toncoin could obtain a 10-year UAE Golden Visa by staking the cryptocurrency and paying a one-time fee of $35,000, subject to other conditions.

However, VARA categorically stated that Toncoin is neither licensed nor regulated by the authority, and that any licensed company must follow Dubai’s official visa procedures.

The SCA warned investors and the public against misleading information, emphasizing that specific regulations govern digital asset investments and are not tied to Golden Visa eligibility. It urged individuals to rely only on licensed and regulated entities for financial dealings.

All three authorities advised the public to verify information through official government websites or trusted communication channels and to avoid interacting with unauthorized promotions or advertisements circulating online.

For accurate information about the Golden Visa criteria, individuals are encouraged to visit the official ICP website.