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🚨Dubai Legalizes Crypto Salaries*🚨:
Dubai has legalized crypto salaries, allowing employees to receive their salaries in cryptocurrencies🔥🔥🔥🚀🚀🚀💫💫💫
In a significant step, the Dubai Court of First Instance has recognized cryptocurrency as a valid form of salary payment, marking a shift in the UAE's approach to digital currencies, according to a recent ruling in case number 1739 of 2024 (Labour) [1, 2, 4, 7, 9].
This decision marks a shift in the UAE's legal stance on digital currencies, recognizing cryptocurrency as a legitimate form of payment.
The ruling was made in a case where an employee sued their employer for unpaid wages, including a portion paid in EcoWatt tokens, a form of cryptocurrency. The court ordered the employer to pay the employee's salary in EcoWatt tokens, without requiring conversion to fiat currency.
This decision has been praised as a "progressive approach" that aligns with the evolving nature of financial transactions in the Web3 economy. It's expected to encourage further integration of digital currencies in everyday financial transactions in the UAE, potentially paving the way for broader adoption of cryptocurrencies in various sectors.
It's worth noting that while this ruling is a significant step forward, it doesn't necessarily mean that all employers in Dubai are now required to pay salaries in cryptocurrencies. However, it does provide a legal framework for employers and employees to agree on cryptocurrency payments as part of their employment contracts.
#SECCryptoRoundtable
#TrumpAtDAS
#FedWatch
#dubaicryptotower
#CryptocurrencyWealth
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🚨Dubai Legalizes Crypto Salaries*🚨:
Dubai has legalized crypto salaries, allowing employees to receive their salaries in cryptocurrencies🔥🔥🔥🚀🚀🚀💫💫💫
In a significant step, the Dubai Court of First Instance has recognized cryptocurrency as a valid form of salary payment, marking a shift in the UAE's approach to digital currencies, according to a recent ruling in case number 1739 of 2024 (Labour) [1, 2, 4, 7, 9].
This decision marks a shift in the UAE's legal stance on digital currencies, recognizing cryptocurrency as a legitimate form of payment.
The ruling was made in a case where an employee sued their employer for unpaid wages, including a portion paid in EcoWatt tokens, a form of cryptocurrency. The court ordered the employer to pay the employee's salary in EcoWatt tokens, without requiring conversion to fiat currency.
This decision has been praised as a "progressive approach" that aligns with the evolving nature of financial transactions in the Web3 economy. It's expected to encourage further integration of digital currencies in everyday financial transactions in the UAE, potentially paving the way for broader adoption of cryptocurrencies in various sectors.
It's worth noting that while this ruling is a significant step forward, it doesn't necessarily mean that all employers in Dubai are now required to pay salaries in cryptocurrencies. However, it does provide a legal framework for employers and employees to agree on cryptocurrency payments as part of their employment contracts.
#SECCryptoRoundtable
#TrumpAtDAS
#FedWatch
#dubaicryptotower
#CryptocurrencyWealth
$BTC $XRP $BNB
Dubai Crypto Tower
Dubai has announced the construction of a 17-storey Crypto Tower, a landmark building designed to support the growing blockchain, DeFi, and Web3 community, with an expected completion date in the first quarter of 2027. The tower will feature 150,000 square feet of leasable space, including offices, event spaces, and blockchain-powered innovations. As of the latest reports, the Crypto Tower is set to become a central hub for the crypto community, with blockchain technology being used for tenant interactions and transactions.
The Crypto Tower will have nine floors of advanced offices for crypto startups and established businesses, as well as dedicated floors for blockchain incubators, venture capital firms, and AI innovation.
The building will also feature an indoor event space, an outdoor area, a crypto club, an NFT art gallery, a gold bullion shop, an exotic car dealership, and a secure vault storage area.
The project is a result of a partnership between the Dubai Multi Commodities Centre (DMCC) and REIT Development, with the goal of fostering the digital asset ecosystem in Dubai and establishing the city as a global crypto hub.
The use of blockchain technology in the Crypto Tower’s management is expected to promote transparency and trust among tenants, with every expense related to the project being transparent and on-chain.
#dubaicryptotower
The Crypto Tower will have nine floors of advanced offices for crypto startups and established businesses, as well as dedicated floors for blockchain incubators, venture capital firms, and AI innovation.
The building will also feature an indoor event space, an outdoor area, a crypto club, an NFT art gallery, a gold bullion shop, an exotic car dealership, and a secure vault storage area.
The project is a result of a partnership between the Dubai Multi Commodities Centre (DMCC) and REIT Development, with the goal of fostering the digital asset ecosystem in Dubai and establishing the city as a global crypto hub.
The use of blockchain technology in the Crypto Tower’s management is expected to promote transparency and trust among tenants, with every expense related to the project being transparent and on-chain.
#dubaicryptotower
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