Salary Payments in Cryptocurrency Approved by Dubai Court in Latest Related Case
Key Points:
- Dubai Court agrees to allow salary payments in cryptocurrency.
- The ruling signifies a new, progressive stance on cryptocurrency in UAE labour laws.
The Dubai Court of First Instance has officially recognized the validity of cryptocurrency payments in employment contracts. It may be seen to be a rather momentous decision that depicts a shift in the United Arab Emirates’ legal stance on digital currencies.
Read more: Nexo License In Dubai Receives Initial Approval To Drive Expansion In UAEÂ
Dubai Court Endorses Salary Payments in Cryptocurrency
The case involved an employee who did not receive the cryptocurrency portion of their salary for six months. The court made a ruling in favor of the employee on the grounds that the contract had mandated salary payments in cryptocurrency. This is also greatly departing from a similar case in 2023 where the court rejected a claim because of the unclear valuation of cryptocurrency.
According to the 2024 ruling, wages are a natural right that every employer must respect the contractual obligations of his employees in its entirety, whether it includes some form of cryptocurrency or otherwise.
UAE Labor Laws Embrace Digital Currency
Whereas an earlier ruling dismissed a case over EcoWatt tokens because of the lack of a clear method to determine their fiat value, this new ruling compels the latter to contractually agree on salary payments in cryptocurrency without converting into fiat currency, demonstrating wider acceptance of digital assets.
Dubai embraced cryptocurrency early on through its 2016 Blockchain Strategy. It has since become a central destination for some big crypto players, such as Binance and Crypto.com. More specifically, the latest decision by the court recognized crypto as a valid mean of payment, hence becoming a precedent for many future employment contracts within the UAE.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Salary Payments in Cryptocurrency Approved by Dubai Court in Latest Related Case
Key Points:
- Dubai Court agrees to allow salary payments in cryptocurrency.
- The ruling signifies a new, progressive stance on cryptocurrency in UAE labour laws.
The Dubai Court of First Instance has officially recognized the validity of cryptocurrency payments in employment contracts. It may be seen to be a rather momentous decision that depicts a shift in the United Arab Emirates’ legal stance on digital currencies.
Read more: Nexo License In Dubai Receives Initial Approval To Drive Expansion In UAEÂ
Dubai Court Endorses Salary Payments in Cryptocurrency
The case involved an employee who did not receive the cryptocurrency portion of their salary for six months. The court made a ruling in favor of the employee on the grounds that the contract had mandated salary payments in cryptocurrency. This is also greatly departing from a similar case in 2023 where the court rejected a claim because of the unclear valuation of cryptocurrency.
According to the 2024 ruling, wages are a natural right that every employer must respect the contractual obligations of his employees in its entirety, whether it includes some form of cryptocurrency or otherwise.
UAE Labor Laws Embrace Digital Currency
Whereas an earlier ruling dismissed a case over EcoWatt tokens because of the lack of a clear method to determine their fiat value, this new ruling compels the latter to contractually agree on salary payments in cryptocurrency without converting into fiat currency, demonstrating wider acceptance of digital assets.
Dubai embraced cryptocurrency early on through its 2016 Blockchain Strategy. It has since become a central destination for some big crypto players, such as Binance and Crypto.com. More specifically, the latest decision by the court recognized crypto as a valid mean of payment, hence becoming a precedent for many future employment contracts within the UAE.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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