Corporate announcements, news reports, and industry surveys

Dubai Court of First Instance Recognizes Cryptocurrency as Legal Salary Payment

Aug 17, 2024, 06:20 AM

In a landmark ruling, the Dubai Court of First Instance has officially recognized cryptocurrency as a legal form of salary payment under employment contracts. This decision marks a significant shift from the court's previous stance in 2023, where cryptocurrency payments were not accepted due to valuation concerns. The ruling emerged from a case involving an employee who had not received 5,250 EcoWatt tokens as salary for six months. This decision paves the way for broader adoption of digital currencies in the UAE, particularly benefiting startups and the crypto community.