• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Dubai Court Ruling on Payment in Cryptocurrency and Dirhams

user avatar

by Giorgi Kostiuk

a year ago

  1. Court Hearing and Case Details
  2. Cryptocurrency in Contracts vs. UAE Legal Framework
  3. Future of Cryptocurrency in the UAE


    4. Recently, a Dubai court ordered a company to pay an ex-employee outstanding dues in UAE currency and cryptocurrency. The ruling has triggered questions about whether the UAE now allows salaries to be paid in cryptocurrencies.

    Court Hearing and Case Details

    The dispute was centered on the failure to pay the EcoWatt token portion of the plaintiff's salary for six months and the alleged wrongful termination of their employment. The court ruled in favor of the employee, recognizing the validity of payment in cryptocurrency and ordering payment in EcoWatt tokens rather than converting them into fiat currency.

    Cryptocurrency in Contracts vs. UAE Legal Framework

    The court ruling does not imply that cryptocurrency is on par with fiat currency. According to the managing partner of the UAE law firm Wasel & Wasel, the court only confirmed the enforceability of the employment contract stipulating payment in crypto, not a broader validation of crypto within the UAE's legal framework.

    It only confirms that an employment contract stipulating payment in crypto is enforceable.Mahmoud Abuwasel

    Future of Cryptocurrency in the UAE

    New Payment Token regulations from the UAE Central Bank and the launch of a Dirham stablecoin by Tether pave the way for further developments. Legal expert Gabriel Khoury noted that this court ruling is an important step towards recognizing cryptocurrencies and blockchain technologies.

    The Dubai court's ruling marks an important precedent in recognizing cryptocurrencies within the UAE's labor laws. It opens new opportunities for the growth of the cryptocurrency community in the country.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

XYZVerse Ensures Security and Sustainability in Token Economy

chest

XYZVerse has implemented institutional-grade security measures and a sustainability initiative to ensure long-term value for its token holders.

user avatarLucas Weissmann

XYZVerse Revolutionizes Esports with Utility-Driven Ecosystem

chest

XYZVerse is set to disrupt the $160 billion esports industry by creating a utility-driven ecosystem that bridges competitive gaming and blockchain technology.

user avatarFilippo Romano

Aave Yield Mode by Tangem Simplifies Access to DeFi

chest

Aave Yield Mode by Tangem provides users with a straightforward way to earn yield through Aave without leaving their wallet.

user avatarEmily Carter

Bitcoin's Volatility Indicators Signal Potential Market Shift

chest

Bitcoin's volatility metrics indicate potential for sharp price changes due to historical compression.

user avatarMaya Lundqvist

Mutuum Finance Introduces V1 Protocol on Sepolia Testnet.

chest

Mutuum Finance has launched its V1 protocol, allowing users to test lending and borrowing features on the Sepolia testnet.

user avatarKaterina Papadopoulou

Dagestan Faces Ongoing Challenges with Illegal Cryptocurrency Mining

chest

Dagestan faces ongoing challenges with illegal cryptocurrency mining despite a complete ban enforced by Russian authorities since January 1, 2025.

user avatarTomas Novak

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.