Dubai's Court of First Instance has reportedly made a decision to approve cryptocurrency as a valid method for salary payments, marking a significant shift in the UAE’s digital currency policy. The ruling will likely allow employees to receive payments in cryptocurrency under employment contracts. The decision reportedly overturns a 2023 ruling where the court dismissed a similar case due to challenges in crypto valuation. The court has reportedly ruled in favour of an employee whose contract included payments in both fiat currency and EcoWatt tokens. Mario Nawfal (@MarioNawfal) shared a post on X and mentioned after experiencing a 6-month delay in receiving token payments, the court reportedly ruled the terms of the contract by allowing salary payments in cryptocurrency without converting them to fiat. Cryptocurrency types include Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Tether (USDT) and more. However, it is not specified in which currency it will be applicable.UPI Global Expansion: UAE Merchants Now Accept Payments in INR via UPI To Attract Indian Customers.
Dubai Court Approves Cryptocurrency for Salaries
Dubai's Court of First Instance has approved cryptocurrency as a valid salary payment method, reflecting a major shift in the UAE’s digital currency policy. This overturns the court's 2023 decision, where a similar case was dismissed due to valuation challenges.#UzbekNow |… pic.twitter.com/yPVg3loXl0
— Uzbek Now (@UzbekNow) August 17, 2024
Dubai Court Approves Crypto Salary Payments
🇦🇪DUBAI COURT APPROVES CRYPTO SALARY PAYMENTS
In a groundbreaking decision, the Dubai Court of First Instance has recognized salary payments in cryptocurrency as valid under employment contracts.
This marks a significant shift from the court's 2023 ruling, which previously… pic.twitter.com/gp6YF53teo
— Mario Nawfal (@MarioNawfal) August 16, 2024
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