The UAE issues a clarification regarding granting golden residency to cryptocurrency investors

According to the federal authority for identity, citizenship, customs, and port security, the country's gold residency program is administered in accordance with precise guidelines and approved procedures. It is available to certain groups of people, excluding investors in digital currencies, and these groups include real estate investors, entrepreneurs, talent pools, scientists and specialists, early students and graduates, humanitarian pioneers, and first responders.

Enhancing investor confidence

The Securities and Commodities Authority, for its part, made it clear that it complies with international standards that have been adopted for the regulation of the financial sector, securities services, and commodities in the nation. It emphasized that its actions are intended to guarantee transparency and credibility and boost the trust of both domestic and foreign investors, in keeping with the UAE's trends for drawing in high-quality capital and fostering a sustainable investment environment.

Granting golden residency

In this regard, the authority emphasized that investing in digital currencies is governed by explicit laws and regulations and has nothing to do with granting gold residency. It also emphasized that investors should only get information from reputable and approved sources to prevent falling for false or deceptive information.

In the same vein, the Virtual Assets Regulatory Authority affirmed that the claims that investors in virtual assets in the emirate of Dubai have been granted Golden Residency are false.

When it comes to virtual asset services and investments, she strongly advised investors and consumers to only do business with "companies" who are properly licensed and regulated.

In order to create a safe working environment where consumer protection is always given top priority, the Virtual Assets Regulatory Authority (VARA) further stated that it is dedicated to the highest standards of Risk Assurance and efficient collaboration with the Securities and Commodities Authority as well as pertinent federal and local law enforcement agencies.

She stated that the company (TON) is not licensed or governed by VARA and that any "company" that has a VARA license must rigorously follow the visa requirements set forth by the Dubai government and the appropriate federal authorities.

In this regard, the three authorities urged the public and investors to use caution and only consult official sources, such as government websites or authorized channels, rather than engaging with advertisements or dubious offers that circulate online. They also pointed out that individuals who want to learn more specific information about the terms of Golden Residency can visit the federal authority's website.