• 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

Major EU Banks Collaborate to Launch Euro Stablecoin

chest

Major European banks, including ING, UniCredit, CaixaBank, and BBVA, are collaborating to launch a bank-grade euro stablecoin by 2026 as part of their preparation for the European Central Bank's digital euro pilot.

user avatarKaterina Papadopoulou

Divergence in Solana's BTC and USDT Pairs Signals Market Uncertainty

chest

Divergence in Solana's BTC and USDT pairs indicates market uncertainty, with BTC showing strength and USDT showing weakness.

user avatarMaya Lundqvist

Solana Price Action Suggests Potential Breakout

chest

Solana has been trading within a tight range, indicating a possible breakout as volatility decreases.

user avatarLeo van der Veen

CME Group Expands Crypto Futures Offerings with New Contracts

chest

CME Group expands its cryptocurrency offerings by launching new futures contracts for Cardano, Chainlink, and Stellar.

user avatarLi Weicheng

X Plans to Launch X Money Amid New Crypto Promotion Rules

chest

X plans to launch X Money, a new payments feature, as it lifts its ban on sponsored crypto content.

user avatarTenzin Dorje

X Lifts Ban on Sponsored Crypto Content, Introduces Paid Partnership Labels

chest

X has lifted its ban on sponsored crypto content, allowing influencers to monetize their posts with new paid partnership labels.

user avatarAisha Farooq

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.