• 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

Jerome Powell Addresses Economic Uncertainties and Inflation Outlook

chest

Jerome Powell discusses economic uncertainties, inflation expectations, and the limitations of monetary policy.

user avatarAisha Farooq

Ozak AI Token's Advanced Technology Attracts Investors

chest

The unique AI technology of the Ozak AI token is a major factor in attracting whale investments.

user avatarBayarjavkhlan Ganbaatar

Strategic Partnerships Strengthen Ozak AI Ecosystem

chest

Ozak AI is forming strategic partnerships to enhance its ecosystem and ensure scalability.

user avatarTenzin Dorje

Hyperliquid Project Reports Significant Revenue

chest

The Hyperliquid project reports annual revenue of around 100 million, attributed to trading of tokenized real-world assets.

user avatarMohamed Farouk

Avalanche AVAX Shows Signs of Stabilization

chest

Avalanche AVAX is trading near 95, indicating potential stabilization after a difficult period.

user avatarElias Mukuru

Google's Alphabet Stock Faces Significant Decline

chest

Google's Alphabet stock has opened at 273 this week and has experienced a significant decline of nearly 14% year-to-date.

user avatarDiego Alvarez

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.