Dubai Court Validates Cryptocurrency as Salary Payment
In a landmark decision, the Dubai Court of First Instance ruled that salary payments in cryptocurrency are legally valid under employment contracts. This ruling sets a new precedent in the United Arab Emirates (UAE) legal system, reflecting a shift from the court’s earlier stance in 2023 when a similar claim was dismissed due to valuation issues.
The case involved an employee who sued their employer for unpaid wages and wrongful termination. The employment contract specified a salary in fiat currency along with an additional payment of 5,250 EcoWatt tokens. The court’s decision to uphold the use of cryptocurrency in salary payments indicates a growing acceptance and integration of digital currencies within the UAE’s legal framework.
This decision is seen as a progressive step toward embracing digital currencies in everyday financial transactions, contributing to a more inclusive and innovative business environment in the UAE.
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