• 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

Government Pressure Drives Majority of Debanking Cases in the US

chest

A report from the Cato Institute reveals that most debanking cases in the US are influenced by government actions rather than individual bank policies.

user avatarKaterina Papadopoulou

Korbit Faces 273 Billion Won Fine for AML Violations

chest

Korbit, a leading South Korean cryptocurrency exchange, has been fined 273 billion won for failing to comply with Anti-Money Laundering regulations.

user avatarMaya Lundqvist

Emergence of Remittix as a Key Player in Crypto Payments

chest

Emergence of Remittix as a Key Player in Crypto Payments

user avatarLeo van der Veen

US Treasury Unveils $200 Billion MBS Support Plan

chest

The US Treasury has announced a new mortgage-backed securities purchase program to stabilize mortgage rates and improve housing affordability.

user avatarLi Weicheng

Ethereum Forms Symmetrical Triangle as Market Sentiment Remains Cautious

chest

A symmetrical triangle is forming in Ethereum's price action, indicating potential volatility as buyers and sellers are in a standoff.

user avatarAisha Farooq

Blockchain Technology Revolutionizes Medical Data Exchange

chest

Blockchain technology improves medical data exchange by addressing privacy concerns and data silos through decentralization and transparency.

user avatarMaria Fernandez

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.