• 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

Dunamu's Record Fine Sets Precedent for VASPs

chest

The recent 352 billion won fine imposed on Dunamu, the operator of the Upbit exchange, sets a powerful precedent for compliance expectations within the VASP sector.

user avatarGustavo Mendoza

BlockDAG Gains Global Exposure Through F1 Partnership

chest

BlockDAG's partnership with BWT Alpine F1 team enhances its visibility and positions it as a serious player in the crypto space.

user avatarRajesh Kumar

BlockDAG Technology Gains Momentum Amid Presale

chest

BlockDAG is quietly advancing while the market focuses on short-term price movements, showcasing its unique technology and potential.

user avatarMiguel Rodriguez

Hyperliquid Faces Resistance at 30 Level Amid Recovery Signs

chest

Hyperliquid crypto is facing challenges in breaking past the 30 level despite recent recovery signs.

user avatarLuis Flores

Resistance Levels Indicate Need for Short-Term Cooling in POL Price Rally

chest

As POL approaches resistance levels, signs of hesitation and profit-taking have emerged, suggesting a potential cooling phase.

user avatarArif Mukhtar

Polymarket Expands Language Options to Enhance Global Accessibility

chest

Polymarket is testing a multilingual adaptation of its website to enhance global accessibility.

user avatarMaria Gutierrez

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.