The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) in the UAE have released a joint statement refuting claims circulating on various websites and social media platforms that suggest the UAE is granting golden visas to investors in digital currencies.
The ICP clarified that golden visas are awarded based on clear and officially sanctioned frameworks and criteria, which do not encompass digital currency investors. Eligible categories for golden visas include several groups. These are real estate investors, entrepreneurs, and exceptional talents. It also includes scientists and specialists, outstanding students and graduates, humanitarian pioneers, and frontline workers.
The SCA reaffirmed its dedication to internationally recognized standards in regulating the financial sector and securities services within the UAE. It emphasized that its procedures are designed to ensure transparency, credibility, and to enhance investor confidence both locally and internationally, aligning with the UAE’s strategic goals of attracting quality capital and promoting a sustainable investment environment.
Read more: Sheikh Hamdan awards golden visas to nurses with 15+ years of service at Dubai Health
Commitment to consumer protection
The authority further confirmed that investments in digital currencies are governed by specific regulations and are not connected to eligibility for golden visas. It urged investors to seek information from credible, official sources to avoid misinformation or potential fraud.
Similarly, VARA denied any assertions regarding the issuance of golden visas to virtual asset investors in Dubai. It strongly advised investors and consumers to engage only with fully licensed and regulated companies. This applies to services and investments related to virtual assets.
VARA also reaffirmed its commitment to the highest standards of risk assurance. It emphasized effective collaboration with the SCA and relevant federal and local law enforcement agencies. This collaboration aims to maintain a secure operational environment that prioritizes consumer protection at all times. It noted that companies licensed by VARA must strictly follow the visa procedures outlined by the Government of Dubai and the relevant federal authorities. Additionally, it clarified that the company TON is neither licensed nor regulated by VARA.
Moreover, the three authorities collectively urged the public and investors to exercise caution. They recommended referring to official government websites and approved communication channels for accurate information. They cautioned against engaging with unverified advertisements or offers that proliferate online.
