• 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

Starknet Introduces strkBTC: A New Bitcoin Token with Privacy Features

chest

Starknet has introduced strkBTC, a Bitcoin-based token designed to enhance user privacy on its Ethereum layer-2 network.

user avatarMohamed Farouk

Block Inc Projects Up to $500 Million in Restructuring Charges

chest

Block Inc expects to incur between $450 million and $500 million in restructuring charges related to workforce reduction, primarily due to severance and other costs.

user avatarDiego Alvarez

Block Inc to Cut Over 4,000 Jobs in Major Restructuring

chest

Block Inc has announced that it will cut more than 4,000 jobs as part of a broad restructuring plan.

user avatarElias Mukuru

Market Analysts Cautious Despite XLM's Recent Bounce

chest

Market analysts express caution despite XLM's recent price bounce due to derivatives positioning and technical indicators.

user avatarArif Mukhtar

Solana's Pacific Backbone Infrastructure Aims to Attract APAC Institutions

chest

Solana Company HSDT has announced the launch of Pacific Backbone, a low-latency infrastructure aimed at attracting APAC institutions.

user avatarGustavo Mendoza

Solana's Real World Asset Ecosystem Hits Historic Levels

chest

Solana's Real World Asset ecosystem has reached an all-time high of over $171 billion in total value, indicating significant growth and institutional interest.

user avatarKenji Takahashi

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.