Dubai Court Recognizes Cryptocurrency for Salary Payments
Dubai Court Recognizes Cryptocurrency for Salary Payments
Bitcoin.com
By Bitcoin.com

Fri Aug 16 20:30:24 EST 2024

In a landmark decision, the Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency under employment contracts, marking a significant shift in the United Arab Emirates (UAE)’s legal approach to digital currencies. The 2024 ruling, case number 1739 of 2024, contrasts with a 2023 decision where a similar claim was rejected due to the lack of clear valuation of the cryptocurrency involved. The case arose when an employee sued for unpaid wages, including 5,250 ecowatt tokens, which were not paid over six months. The 2024 ruling validated cryptocurrency as a legitimate form of remuneration, emphasizing the importance of honoring clear contractual agreements. The court relied on Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, highlighting a progressive interpretation that aligns with the evolving financial landscape. This decision sets a precedent for the broader acceptance of cryptocurrency in employment contracts in the UAE.

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