Dubai Court Ruling on Payment in Cryptocurrency and Dirhams

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

DTCC Launches Tokenization Service to Enhance Blockchain Infrastructure

The Depository Trust Company (DTCC) has launched a tokenization service to enhance blockchain infrastructure, allowing the movement of eligible assets between traditional and tokenized environments.

user avatarBayarjavkhlan Ganbaatar

CFTC Takes Legal Action Against Utah to Protect Kalshi

CFTC files lawsuit against Utah to block enforcement actions against Kalshi, a prediction market platform.

user avatarElias Mukuru

Utah Charges Kalshi and Co-Founders with Illegal Gambling Promotion

Utah has filed criminal charges against KalshiEX LLC and its co-founders for illegally promoting gambling in the state.

user avatarMohamed Farouk

Arbitrum's Network Fees Remain Stable Amid Increased Activity

Arbitrum's daily user-paid fees remained stable at approximately 19,100 on October 28, despite an increase in active addresses, indicating a shift towards lower-cost interactions.

user avatarDiego Alvarez

Transaction Activity Increases but Lags Behind Wallet Growth

Transaction activity increased modestly to approximately 21 million on the Arbitrum network, despite a significant rise in active addresses, raising concerns about the sustainability of growth.

user avatarMaria Fernandez

Arbitrum Records Sharp Increase in Active Addresses

Arbitrum has recorded a sharp rise in daily active addresses, reaching approximately 109 million on October 28, marking a notable increase in blockchain activity.

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.