The adoption of crypto in pagamenti salariali is gaining ground, with nations like Dubai recognizing its legal value. However, employers still face significant regulatory challenges to implement this form of payment.
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Dubai: the growing acceptance of payments in crypto between economic benefits and regulatory challenges
In recent years, cryptocurrencies are gaining more and more relevance not only as investment tools, but also as a form of payment for salaries.
In particular, a recent ruling by the Tribunale di Dubai has marked an important step forward for the adoption of digital currencies as a legal means for the payment of salaries.
The decision, issued on August 15, recognized the validity of criptovalute in the payment of a wage dispute between an employee and an employer. Thus creating a precedent that could favor a wider spread of this practice.
The Court of First Instance of Dubai addressed a legal dispute in which an employee claimed a portion of their salary in cryptocurrencies. The court ruled in favor of the employee, ordering the employer to pay the amount due in cryptographic tokens.
This decision represents a change compared to a similar case that occurred in 2023, in which the same court had rejected the request for a payment in cryptocurrencies due to the difficulty of evaluating such assets.
According to Irina Heaver, partner of the law firm NeosLegal, this ruling creates a positive precedent for the adoption of cryptocurrencies in traditional financial systems.
“The court recognized that salaries, whether paid in fiat or cryptocurrencies, are a legitimate right of the worker.”
Global adoption of salaries in cryptocurrencies
The United Arab Emirates is not the only nation making significant progress in the adoption of cryptocurrencies for salaries.
Countries like Stati Uniti, Giappone e Australia are also implementing legal frameworks to facilitate payments in digital currencies. However, the road to full integration of cryptocurrencies into traditional payroll systems is still long and complex.
In some cutting-edge companies, such as Phaver e Mantra, a growing percentage of employees are choosing to be paid in cryptocurrencies.
Tomi Fyrqvist, co-founder of Phaver, stated that initially almost 100% of the company’s employees had chosen to receive their salary in cryptocurrencies.
However, this percentage has decreased due to the difficulties related to cryptocurrency conversion platforms, although demand remains strong.
Patrick Mullin, CEO di Mantra, has noticed a similar trend in his company, with a growing number of employees choosing cryptocurrencies as a form of compensation.
According to Mullin, payments in digital currencies offer faster processing times, especially in international transactions, compared to traditional banking methods like SWIFT, which can take days.
Regulatory challenges and legal obstacles
Despite the advantages offered by salaries in cryptocurrencies, their large-scale implementation presents numerous difficulties, particularly on the regulatory front.
Fyrqvist explained that to ensure compliance with local and international laws, his company had to collaborate with third-party providers specialized in managing payroll in cryptocurrencies.
This has allowed Phaver to support employees in over 10 countries, while maintaining compliance with current regulations.
Mullin emphasized that his team had to conduct rigorous legal reviews in every jurisdiction in which it operates, in order to ensure that cryptocurrency payments complied with local laws.
Despite these measures, Mullin is convinced that the benefits far outweigh the associated costs, thanks to the advantages of speed and transparency offered by cryptocurrencies in global transactions.
In any case, the popularity of salaries in cryptocurrencies varies greatly from one region to another. In countries like Hong Kong and Turkey, the demand for salaries in digital currencies is particularly high, especially due to economic factors such as inflation.
In Turkey, for example, many workers prefer to be paid in stablecoin linked to the US dollar, due to the devaluation of the Turkish lira.
Even the United Arab Emirates, particularly Dubai, are becoming a hub for salaries in cryptocurrencies.
The Dubai International Financial Centre and the Abu Dhabi Global Market have created regulatory frameworks that facilitate payment in cryptocurrencies, provided that rigorous due diligence and compliance procedures are followed.
