• 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

99% of Web3 Projects Fail to Generate Revenue, Reveals Tiger Research

chest

A report reveals that 99% of Web3 projects are unprofitable, highlighting a structural flaw in the blockchain ecosystem.

user avatarLucas Weissmann

Structural Flaws in Web3 Fundraising Models Exposed

chest

Tiger Research identifies critical structural flaws in Web3 fundraising models, highlighting issues like misaligned incentives and speculative funding that threaten the industry's future.

user avatarFilippo Romano

Understanding the Historical Context of Iranian Protests

chest

Iran has a history of protest movements, with current unrest reflecting economic dissatisfaction and political unrest.

user avatarTomas Novak

Pepecoin (PEPE) Faces Liquidity Challenges Amid Market Stagnation

chest

Pepecoin (PEPE) is facing liquidity challenges and resistance in its price movement amid market stagnation.

user avatarLeo van der Veen

Mutuum Finance (MUTM) Emerges as a New Player in Decentralized Lending

chest

Mutuum Finance (MUTM) is gaining traction as a decentralized lending platform focused on actual platform activity, currently in presale with over $19M raised and more than 18,800 holders.

user avatarMaya Lundqvist

Ethereum Whale Completes Strategic Exit at Bitstamp

chest

A major Ethereum investor has completed a five-year investment strategy by moving their final 26,000 ETH to Bitstamp, realizing a profit of $269 million.

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.