• 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

Need for Standardized Risk Management in DeFi

chest

As institutional flows grow, the DeFi ecosystem must establish standardized risk disclosures and governance frameworks.

user avatarKofi Adjeman

Singapore's MAS Implements Stricter Regulations for Crypto Firms

chest

The Monetary Authority of Singapore (MAS) has implemented stricter regulations for cryptocurrency firms operating without a license.

user avatarAyman Ben Youssef

BlockDAG's User Base Grows with 4 Million Active Mobile Miners

chest

BlockDAG has attracted over 4 million active users through its X1 Mobile Miner application, enhancing community engagement.

user avatarTando Nkube

US Treasury Sanctions North Korean IT Worker Network

chest

The US Treasury has sanctioned individuals and entities linked to a North Korean IT worker for infiltrating cryptocurrency companies to fund missile programs.

user avatarNguyen Van Long

DeFi Earn Offers High APY Compared to Traditional Banks

chest

DeFi Earn offers an annual percentage yield (APY) of 48%, significantly higher than traditional bank savings accounts.

user avatarJesper Sørensen

Traders Navigate Extreme Volatility in Crypto Market

chest

Traders have adopted various strategies to navigate extreme volatility in the crypto market, including scalping and swing trading.

user avatarLucas Weissmann

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.