Official announcements from UAE regulatory bodies

Dubai Court Validates Crypto Salary Payments

Aug 16, 2024, 09:24 AM

The Dubai Court of First Instance has ruled that salary payments in cryptocurrency are legally valid under employment contracts. This decision marks a significant shift from the court's previous stance in 2023, when crypto payments were dismissed due to valuation issues. The ruling now allows for the use of cryptocurrencies, such as EcoWatt tokens, for salary payments. This move is seen as a major step for the crypto community and startups in the UAE, indicating the country's growing acceptance of digital currencies.