• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Dubai Court Recognizes Cryptocurrency Salaries in Landmark 2024 Ruling

user avatar

by Giorgi Kostiuk

a year ago

  1. Case Background: A Shift Toward Cryptocurrency
  2. The 2023 Ruling: Traditional Approach
  3. The 2024 Ruling: Embracing Cryptocurrency


    4. In a landmark decision, the Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency. This significant shift marks a new approach to digital currencies in employment contracts in the UAE.

    Case Background: A Shift Toward Cryptocurrency

    The case involved a plaintiff employee who sued for unpaid wages and wrongful termination. The contract included a fiat salary and an additional 5,250 EcoWatt tokens. The dispute arose from the defendant's failure to pay the EcoWatt portion for six months.

    The 2023 Ruling: Traditional Approach

    In a similar 2023 case, the court took a cautious stance, refusing to award payment in EcoWatt tokens due to the lack of a clear valuation. This reflected a need for concrete financial evidence.

    The 2024 Ruling: Embracing Cryptocurrency

    In 2024, the court adopted a progressive stance, recognizing the validity of cryptocurrency payments and ordering the salary to be paid in EcoWatt tokens. The court underscored that wages are an employee's right, regardless of the currency.

    Regarding the request for the monthly salary, it is established according to Article 912 of the Civil Transactions Law that wages are a right of the worker against the employer. The employer must pay wages on due dates.None

    This ruling marks a significant development in the UAE legal landscape, indicating wider acceptance of digital currencies. The court's decision sets a robust precedent for future cases involving cryptocurrency salaries.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Worldcoin Price Jumps 738% Despite Regulatory Concerns

chest

Worldcoin's price surged by 738%, reflecting renewed buying activity among traders, despite regulatory scrutiny on its biometric identity verification model.

user avatarLucas Weissmann

World Liberty Financial Introduces DeFi Platform World Liberty Markets.

chest

World Liberty Financial has launched its first decentralized finance web application, World Liberty Markets, providing on-chain lending and borrowing services with its dollar-pegged stablecoin, USD1.

user avatarTenzin Dorje

Backpack Exchange's Unified Prediction Portfolio Bridges Trading Gaps

chest

Backpack Exchange's Unified Prediction Portfolio allows users to trade on real-world event outcomes while integrating these markets with traditional crypto trading.

user avatarFilippo Romano

New VASP Registration Requirement for Crypto Apps in South Korea

chest

Google's new policy mandates that cryptocurrency exchange and custodial wallet apps must submit a VASP declaration to the FIU to remain available on the Play Store.

user avatarTomas Novak

Google Play Store to Enforce New Crypto App Regulations in South Korea

chest

Starting January 28, 2025, the Google Play Store will block downloads and updates for unregistered cryptocurrency exchange and custodial wallet apps in South Korea.

user avatarEmily Carter

Ethereum Transaction Fees Hit Record Lows

chest

On Monday, the average transaction fee on the Ethereum network dropped to an all-time low of 0.15, a stark contrast to the 11 fee recorded just a year ago.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.