📢 Dubai Court Sets New Legal Precedent for Cryptocurrency Wage Payments! 🌐
📊The Dubai Court of First Instance has just set a unique precedent by recognizing that cryptocurrency is legal for wage payments in contracts! This is a big step forward for digital asset justice in the United Arab Emirates.
🔄Just last year, the court dismissed the lawsuit over cryptocurrency valuation issues. But this year, the court's attitude seems to have ushered in a UAE-wide change, marking an important milestone in the United Arab Emirates' judicial approach to digital assets. This shift is thanks to Irina Heaver, a partner at UAE law firm NeosLegal, who has deep insights into the case.
📖The case arose when an employee sued his employer for not receiving the 5,250 EcoWatt tokens required by the contract. In 2023, although the court recognized the digital asset portion of the employee's salary, it still did not enforce the cryptocurrency payment. However, in 2024, the court ruled in favor of the employee, requiring the employer to pay the cryptocurrency salary as required by the contract without converting it to fiat currency.
🚀Spring of Cryptocurrency? Heaver believes that this is not just a victory for a case, but a sign that the courts are increasingly accepting of cryptocurrencies in contracts and the changes in financial transactions in the Web3 economy.
🌐 Not only Dubai, but the world is paying attention to this case. In addition, with the launch of Bitcoin and Ethereum ETFs, there are innovative software like FinTax that simplifies tax declarations for crypto assets, which are promoting the popularization of digital assets and the simplification of tax declarations.
🤔 What do you think? Will cryptocurrency payroll become the new normal? Will this become a new use case for crypto asset rulings and lead a new pattern in the global financial market? Tell me what you think in the comments!
