BDCOMPANY’s Post

🇦🇪I’m Excited to share a Landmark Ruling: Dubai Courts Now Officially Recognize Cryptocurrency Salaries!🇦🇪 I’m thrilled to share a groundbreaking development in the UAE’s legal landscape that will resonate with everyone in the digital currency and employment sectors. In a historic ruling, the Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency under employment contracts, marking a significant shift from previous legal positions. Key Highlights from the 2024 Ruling: 🔹 Crypto Salaries Upheld: The court upheld an employment contract stipulating payment in EcoWatt tokens, ordering the employer to fulfill this obligation. 🔹 Progressive Legal Shift: This decision signals a shift in the UAE judiciary’s approach to cryptocurrency, contrasting with the court’s more traditional view in 2023 when a similar claim was denied over valuation concerns. 🔹 Legal Foundations: The ruling draws on Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, highlighting the protection of contractual rights. This judgment not only validates the use of digital currencies in employment but also sets a positive precedent for their broader integration across various sectors. It’s clear that the UAE is committed to embracing modern financial practices and fostering a progressive legal environment. The UAE continues to lead the way in global financial innovation, making strides in adapting to the evolving financial landscape. ⭐️For all your inquiries regarding the application of license to conduct a virtual assets regulated activities, in Dubai and Abu Dhabi. Drop us a line ➡Contact@cryptosconsultancy.com Khaled Al Tenaiji #UAE #Dubai #Cryptocurrency #EmploymentLaw #DigitalTransformation #VirtualAssets #VARA #Crypto #License

⚡ Dubai court rules to recognise contractual agreements regarding #crypto salaries ⚡ 💡 #Dubai has now recognised the validity of crypto payments for salaries (contrary to the court's initial approach in 2023). The court ruled in favour of an employee whose contract included #Fiat and EcoWatt #tokens as salary. We note that the contract is valid despite knowing the precise valuation of the digital currency. 💡The ruling marked a shift in the UAE’s judicial approach to digital currencies, reflecting a growing acceptance of crypto. 💡 Whilst jurisdictions claim that they intend to become a global crypto hub, this ruling positions the #UAE well to realise this ambition. 💡 Most jurisdictions face the challenge of balancing international reputation as a safe place to do business with high regulatory standards and embracing innovation and change. *We note that whilst the UAE is part of the #CRS, it has not *yet* signed up to the Crypto Asset Reporting Framework #CARF. #Crypto #Dubai #Blockchain #DigitalAssets #Innovation #crownstone #taxtipper CrownStone Consulting Ltd https://lnkd.in/d7Cm9uh4

🚨𝗗𝘂𝗯𝗮𝗶 𝗖𝗼𝘂𝗿𝘁 𝗦𝗲𝘁𝘀 𝗮 𝗡𝗲𝘄 𝗣𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝘁: 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗔𝗰𝗰𝗲𝗽𝘁𝗲𝗱 𝗳𝗼𝗿 𝗦𝗮𝗹𝗮𝗿𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 🚨 In a groundbreaking ruling, the Dubai Court of First Instance has officially recognized cryptocurrency as a legitimate form of salary payment under employment contracts. This decision, handed down in case number 1739 of 2024, marks a pivotal moment in the UAE’s evolving approach to digital currencies. 𝗙𝗮𝗰𝘁s 𝗼𝗳 𝘁𝗵𝗲 𝗰𝗮𝘀𝗲 The case centered around an employee who filed a lawsuit for unpaid wages and wrongful termination. The employment contract in question specified a salary in both fiat currency and 5,250 EcoWatt tokens, a form of cryptocurrency. The court ruled in favor of the employee, ordering the employer to pay the outstanding amount in EcoWatt tokens, highlighting the employer's failure to provide evidence of payment. This ruling is particularly noteworthy as it contrasts with a similar case in 2023, where the court rejected a claim involving EcoWatt tokens due to the lack of a clear valuation. The 2024 decision demonstrates a significant shift, with the court now embracing cryptocurrency as a valid and enforceable means of remuneration. 𝗟𝗲𝗴𝗮𝗹 𝗮𝗻𝗱 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗜𝗺𝗽𝗮𝗰𝘁 This decision, rooted in Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, signals the UAE's readiness to integrate digital currencies into its legal and economic systems. By upholding the validity of cryptocurrency payments in employment contracts, the Dubai courts are setting a progressive precedent that could encourage wider adoption of digital currencies across various sectors. As the UAE continues to position itself as a leader in innovation, this ruling reinforces the importance of clear contractual terms and demonstrates the country's adaptability to the rapidly evolving financial landscape. #UAE #Dubai #Cryptocurrency #EmploymentLaw #DigitalCurrency #LegalInnovation #BusinessLaw

Dubai's Court of First Instance has now recognized cryptocurrency salary payments as valid under employment contracts, marking a shift from its 2023 stance where such claims were previously denied. Irina Heaver from NeosLegal views this ruling as a positive step towards integrating digital currencies into the UAE's legal and economic systems. Dubai's court has now endorsed the payment of salaries in tokens, recognizing EcoWatt tokens as valid under an employment contract. Previously, in 2023, the court had not enforced crypto payments due to valuation issues. However, in 2024, the court ruled in favour of the employee, requiring payment in tokens without fiat conversion. Irina Heaver noted this decision as a move towards greater acceptance of cryptocurrencies in employment contracts, reflecting a shift in legal attitudes towards Web3 financial transactions. Heaver views the court's decision as a major boost for crypto adoption in the UAE, fostering a more inclusive and innovative business environment. The ruling confirms that employment contracts specifying crypto payments must be honoured, marking a significant step towards establishing the UAE as a leader in the digital economy. #DubaiCourt #CryptoSalary #DigitalCurrency #UAEFinance #CryptoAdoption #Web3Economy #EmploymentContracts #EcoWattTokens #LegalTech #BlockchainLaw #UAEInnovation #Fintech

Thanks for sharing Joanna Lameh General thought wearing Bitcoin CPA hat 🧢 🚨Want to pay full or partial salary in Bitcoin or cryptocurrency? here is a recommendation (I could be wrong feel free to share your opinion). 📝1- In employment contract mention the date and time of recognition of salary e.g. 28th of the month at 4:00 p.m. KSA (value of salary). Actual payment date or time could be different. 🤝2- Agree on fiat amount for both component of the salary (fiat and Bitcoin) e.g. salary of Saudi Arabia Riyal 20k (paid 10k in Riyal and 10k Riyal equivalent in Bitcoin). 📆3- If you had to agree in Bitcoin terms as opposed to point 2 above, limit the employment contract period e.g. 1 year and see point 1 above. Then from an accounting point of view, a CFO build up a liability on day 1 (recommend for whole period and adjust every quarter upwards). More on this below. ✅Liability in Bitcoin - muti-sig self custody preferably. 👨🏻💻Financial reporting in reporting currency with quarterly adjustment in equity section of the balance sheet. Or unpopular opinion the movement in price as an off-balance sheet. (presentation right under the statement of financial position). What are your thoughts ?💭

Cryptocurrency Meets Payroll: Dubai Courts Greenlight Salary Payments in Digital Currency I’m thrilled to share a groundbreaking update in the UAE’s legal landscape, particularly for those of us navigating the intersection of digital currencies and employment law. In a landmark ruling by the Dubai Court of First Instance in 2024, salaries paid in cryptocurrency have been officially recognized under employment contracts. This decision marks a major shift from the court's stance in 2023, where a similar claim was dismissed due to valuation concerns surrounding digital currency. Key Highlights from the 2024 Ruling: The court upheld an employment contract that required payment in EcoWatt tokens, a cryptocurrency, and ordered the employer to honor this agreement. This ruling reflects a progressive evolution in the UAE judiciary’s perspective on cryptocurrency, moving away from the more conservative view held in 2023. The legal reasoning is grounded in Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, both of which emphasize protecting contractual rights. This judgment not only endorses the use of digital currencies in employment but also sets a powerful precedent for their wider adoption across various sectors. It signals the UAE’s readiness to embrace modern financial practices and adapt to the rapidly evolving financial landscape. The UAE continues to lead in fostering a progressive legal environment, ensuring that we remain at the forefront of global financial innovation. #UAE #Dubai #Cryptocurrency #EmploymentLaw #LegalTech #Innovation #DigitalTransformation

This is another major steps towards legitimacy of crypto currencies and its use in our daily lives. However, this will open doors to many other important areas in this rapidly evolving space. #legal #UAE #Blockchain #Crypto

This ruling is a groundbreaking step for the UAE, recognizing cryptocurrency in employment contracts. It's a clear sign that the judiciary is embracing modern financial practices, setting a strong precedent for the future. #UAE #Dubai #EmploymentLaw #DigitalTransformation #LegalTech

In a groundbreaking decision, a #Dubai court has ruled that cryptocurrency can be used as a legitimate form of salary payment, marking a significant step forward in the UAE's adoption of digital financial systems. The Dubai Courts of First Instance ordered a company to pay an employee’s outstanding dues in both UAE dirhams and EcoWatt Tokens, a form of #cryptocurrency, as stipulated in the employee's contract. This ruling is a first for Dubai and highlights the region’s progressive approach towards integrating digital currencies into traditional financial transactions. The case, numbered 1739 of 2024, arose after an employee filed a lawsuit for arbitrary dismissal, claiming that the company failed to pay the 5,250 EcoWatt token portion of her salary for six months. The court ruled in favor of the employee, enforcing the payment in both the agreed-upon fiat currency and cryptocurrency. Legal experts see this decision as a landmark moment for the UAE’s legal and economic landscape. The ruling builds on Federal Decree-Law No. (33) of 2021, which governs labor relations in the UAE and supports flexible wage payment mechanisms, including the use of cryptocurrencies. This ruling is part of a broader trend in the UAE, where cryptocurrencies are increasingly being accepted as a legitimate form of payment. The legal recognition of cryptocurrencies in salary payments is expected to pave the way for their use in other sectors, including real estate, retail, and government services. As digital currencies gain traction, Dubai’s legal system continues to adapt, ensuring that it remains at the forefront of global financial innovation. This evolution reflects the UAE’s commitment to embracing cutting-edge financial technologies while providing a robust legal framework that protects contractual rights and supports modern business practices. DUBAI COURTS