Claire Shelemay, BFP FCA’s Post

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

🇦🇪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

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

🇦🇪 We are excited to share a 🎉 Landmark Ruling 📣 : Dubai Courts Now Officially Recognize Cryptocurrency Salaries! 🇦🇪 We 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 recognised 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. ✅ If you found this information useful, contact us to see how we may be able to assist you regarding application of license to conduct a virtual assets regulated activities in Dubai and Abu Dhabi. Contact ➡ sina@bdcompany.co.uk #UAE #Dubai #Cryptocurrency #EmploymentLaw #DigitalTransformation #VirtualAssets #AbiDhabi #Crypto #Virtualassets #License

🚀 Breaking News from Dubai: Salaries can now be paid in cryptocurrency. 🚀 Dubai Courts have made history by recognizing the payment of salaries in tokens as legal! This groundbreaking decision by the Court of First Instance marks a pivotal shift in the financial landscape of the UAE, setting a new precedent for the use of digital currencies in employment. Key Highlights: - The court upheld an employment contract with token-based salary payments, overturning a 2023 ruling that had concerns over valuation. - This decision is grounded in Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, showcasing the UAE's commitment to modernizing financial practices. - The ruling paves the way for broader adoption of digital currencies, positioning the UAE as a global leader in financial innovation. Dubai is sending a clear message to the world: it is ready to lead in the global crypto revolution. 🌍💼 #Crypto #Dubai #Innovation #Finance #Blockchain https://lnkd.in/grNsdPeH

Landmark Ruling: Dubai Courts Confirm Employment Salaries Payable in Cryptocurrency I’m excited to share a groundbreaking development in the UAE’s legal landscape, particularly for those of us involved in digital currencies and employment law. The Dubai Court of First Instance has just made a landmark ruling in 2024, recognizing the payment of salaries in cryptocurrency under employment contracts. This decision represents a significant shift from the court's earlier stance in 2023, where a similar claim was denied due to valuation issues of the digital currency. Key Takeaways from the 2024 Ruling: - The court upheld an employment contract stipulating payment in EcoWatt tokens, a form of cryptocurrency, ordering the employer to fulfill this obligation. - This ruling signals a progressive shift in the UAE judiciary’s approach to cryptocurrency, contrasting with a more traditional view taken in 2023. - Legal foundations relied on include Article 912 of the UAE Civil Transactions Law and Federal Decree-Law No. (33) of 2021, which emphasize 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 a strong indication that the UAE is adapting to the changing financial landscape and is ready to embrace modern financial practices. The UAE continues to demonstrate its commitment to fostering a progressive legal environment, ensuring that we are at the forefront of global financial innovation. #UAE #Dubai #Cryptocurrency #EmploymentLaw #LegalTech #Innovation #DigitalTransformation

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

Dubai Court Recognizes Cryptocurrency as Salary Payment In a landmark ruling, the Dubai Court of First Instance has officially recognized cryptocurrency as a valid form of salary payment under employment contracts. This significant decision represents a progressive shift in the UAE's legal framework regarding digital currencies, reflecting the country's growing acceptance of cryptocurrencies across various sectors. Background of the Case The case involved an employee whose employment contract specified a salary comprising both fiat currency and EcoWatt tokens, a type of cryptocurrency. The employee had not received the cryptocurrency portion of their salary for six months, leading to a lawsuit against the employer for wrongful termination and unpaid wages. Initially, the court rejected the claim due to valuation issues surrounding the EcoWatt tokens, emphasizing the need for a clear method to determine their fiat value. However, in 2024, the court revisited the case and ruled in favor of the employee, declaring that the contractual agreement for salary payments in cryptocurrency was valid. The court ordered the employer to pay the employee in EcoWatt tokens without requiring conversion to fiat currency, setting a crucial legal precedent for future cases involving crypto payments. Implications of the Ruling This ruling signifies a major step forward in the UAE's approach to integrating digital currencies into its economy. It underscores the importance of upholding contractual agreements as long as they are clear and mutually agreed upon by both parties. The decision is expected to encourage more companies in the UAE to consider cryptocurrency as a legitimate payment method, fostering innovation and attracting investment in the digital asset space. The ruling also aligns with Dubai's ambitions to establish itself as a global hub for cryptocurrency and blockchain technology, following its 2016 Blockchain Strategy. With this legal recognition, the UAE is poised to lead the way in the adoption of digital currencies in employment contracts and beyond. The Dubai Court's recognition of cryptocurrency as a valid salary payment is a groundbreaking development that reflects the UAE's commitment to embracing digital innovation. As the legal landscape evolves, businesses and employees alike will benefit from increased clarity and legitimacy surrounding cryptocurrency transactions. ATW Forex Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions. #Dubai #Crypto #Cryptocurrency #SalaryPayment #LegalRuling #EcoWatt #Blockchain #UAE #DigitalCurrency #EmploymentContracts #Investment #atwforex #mazharpasha #CryptoLaw #Regulations #BlockchainStrategy #DigitalAssets #CryptoNews #CryptoCommunity #LegalPrecedent #EmployeeRights #CryptoRegulation #CryptocurrencyNews

Dubai has officially given the green light to pay employees' salaries in cryptocurrencies like Bitcoin. 🔥 With this step, Dubai is attracting more global crypto companies & global talent. The race for technological supremacy is heating up, and #crypto & #AI are emerging as a key battleground. The UAE's forward-thinking approach to integrating cryptocurrencies into its legal and economic frameworks is setting a benchmark for others to follow. So, which country do you think will be next to adopt crypto salary? Read here: https://lnkd.in/gg6w_ZGt #Dubai #DigitalCurrency #FinTech #Web3 #CryptoSalaries #FutureOfWork 🚀