2024

Cryptocurrency

Salary

Dubai

Dubai’s Court of First Instance recognized cryptocurrency as a valid form of salary payment, marking a significant shift in the UAE’s approach to digital currencies. This decision is a notable update from the court’s previous stance in 2023, where a similar case was rejected due to issues with valuing crypto payments.
Irina Heaver, a partner at NeosLegal, explained that this new ruling in case number 1739 of 2024 highlights a progressive shift toward integrating digital currencies into the legal framework. The case involved an employee whose contract included a salary partly paid in EcoWatt tokens. The dispute arose when the employer failed to pay the token portion for six months.
Previously, the court had acknowledged the inclusion of EcoWatt tokens but did not enforce payment due to the lack of a clear method for converting these tokens to fiat currency. Heaver noted that the 2024 decision marks a significant change, as the court now upholds the payment of the crypto portion without requiring conversion to traditional currency.
“This ruling shows a broader acceptance of cryptocurrency in employment contracts,” Heaver commented. “It reflects the evolving nature of financial transactions in the Web3 economy.”
Heaver <a href="https://www.lexology.com/library/detail.aspx?g=ca02d70f-8cea-419d-82f1-65ad7bcadd28" rel="noopener noreferrer nofollow" target="_blank">highlighted</a> that this decision is rooted in the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021, demonstrating the court’s consistent application of legal principles.&nbsp;
The ruling sets a positive precedent, encouraging more businesses to consider digital currencies for transactions and fostering a more innovative economic environment.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/12/bybit-launches-erupee-p2p-payment-with-30000-usdt-rewards/" target="_blank" rel="noopener noreferrer nofollow">Bybit Launches eRupee P2P Payment with 30,000 USDT Rewards</a>
</blockquote>

Dubai Court Approves Cryptocurrency for Salary Payments

The Crypto Times

Other articles published on Aug 16, 2024

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI

Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey

There is Yet Another Pro-Bitcoin Move from Donald Trump

Discover the Future of Cryptocurrency Trading With Automated Quantitative Trading Platforms

Trade Like the Pros With Copy Trading at Bitrue!

Superstate Integrates Chainlink to Boost Transparency of USTB Tokenized Fund

Join our free newsletter for daily crypto updates!