There is no truth to granting gold residence in the UAE to investors in digital currencies

The Federal Authority for Identity, Nationality, Customs, Ports Security, the Securities and Commodities Authority and the virtual asset regulation authority, in a joint statement, stressed the incorrectness of what is being circulated through some websites and social media platforms regarding the UAE giving golden residence to investors in digital currencies.

The Federal Authority for Identity, Nationality, Customs, and Ports Security explained that the granting of golden residence in the country is made according to clear and formal frameworks and conditions approved, as golden residence is granted to specific groups, not including investors in digital currencies, and these groups are limited to investors in the real estate sector and entrepreneurs, geniuses of talents, scientists, specialists, the first students, graduates, humanitarian pioneers, defense line the first.

For its part, the Securities and Commodities Authority explained that it is committed to international standards adopted in organizing the financial sector, securities and commodities services in the country, stressing that its procedures aim to ensure transparency and credibility and enhance the confidence of investors from inside and outside the country, in line with the UAE’s orientations in attracting quality capital and stimulating the sustainable investment environment.

In this context, the authority stressed that investing in digital currencies is subject to clear controls and legislation, and is not related to granting golden residence, stressing the need for investors to obtain information from reliable and accredited sources to avoid being drawn behind misleading or fraudulent information.

In the same context, the Authority for Regulating Virtual Assets affirmed that allegations are not valid to grant golden residence to the virtual asset investors in the Emirate of Dubai.

She strongly urged investors and consumers to deal with the licensed “companies” and the entire organized when dealing with services and investments related to virtual assets.

The Virtual Assets Regulatory Authority (VARA) added that it is committed to the highest levels of risk guarantee and effective cooperation with both the Securities and Commodities Authority and the relevant federal and local law enforcement, to establish a safe work system while giving priority to consumer protection at all times.

She pointed out that any “company” is licensed by VARA is required to strictly adhere to the visa procedures set by the Dubai government and the relevant federal authorities, and stated that the company (TO) is not licensed or organized by the VARA.

In this context, the three parties called on the public and investors to optimize caution and extract information from official sources, such as government sites or approved channels, and not interacting with unreliable advertisements or offers that spread via the Internet, noting that those who wish to know the fine details about the conditions of golden residence, visit the website of the Federal Authority for Identity, Nationality, Customs and Ports Security via the link: www.icp.gov.ae