The Dubai Court of Justice has issued a landmark ruling on cryptocurrency salary payments, finding that the practice is valid in employment contracts in the United Arab Emirates (UAE). The case involved an employee who asked his company to pay him 5,250 EcoWatt tokens as part of his employment contract. In 2024, the court ruled in favor of the employee, ordering the company to pay the salary without converting it to cash.
The ruling is not only an important recognition of the use of cryptocurrencies in the UAE, but also paves the way for a broader acceptance of cryptocurrency financial transactions in business and contracts. This reflects the global trend of cryptocurrencies and the transformation of how payments and financial management are made.
Allowing salaries to be paid in crypto not only brings flexibility and convenience to the parties involved, but also reflects the growing acceptance of blockchain technology and cryptocurrencies. This could boost the growth of the cryptocurrency market in the UAE and open up new opportunities for companies and employees in managing and using digital assets.
by: thuancapital