• 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

2 years 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

FBI Issues Warning About Fraudulent Tokens on Trons Network

chest

The FBI has issued a warning about fraudulent tokens on the Trons network that falsely claim to be from federal law enforcement.

user avatarRajesh Kumar

AI Chatbots Change Responses Based on Mental Health Disclosure

chest

Recent research shows that AI chatbots change their responses based on users' mental health disclosures, highlighting the need for understanding AI personalization.

user avatarMiguel Rodriguez

Republican Senators Express Optimism on Crypto Bill Progress

chest

Republican senators express cautious optimism about progress on the stalled crypto market structure bill, particularly regarding stablecoin yield provisions.

user avatarLuis Flores

Key Indicators for Dogecoin's Price Movement Identified

chest

Cryptollica highlights critical indicators that could influence Dogecoin's price trajectory.

user avatarArif Mukhtar

Crypto Analyst Predicts Dogecoin Could Reach New All-Time High

chest

Crypto analyst Cryptollica predicts Dogecoin could reach a new all-time high due to institutional interest and market dynamics.

user avatarMaria Gutierrez

Arthur Hayes Reaffirms $250,000 Bitcoin Price Target

chest

Arthur Hayes, cofounder of BitMEX, reaffirms his bullish prediction for Bitcoin with a year-end target of $250,000, despite recent price fluctuations.

user avatarDavid Robinson

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.