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⚡ 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 Recognizes Crypto as Valid Salary Payment! 🍾🥂 The Dubai Court of First Instance has recognized salary payments in cryptocurrency as valid under employment contracts. This ruling marks a significant shift in the UAE’s legal landscape, signaling growing acceptance of crypto in everyday financial transactions. UAE lawyer Irina Heaver, a partner at NeosLegal, explained that this decision showcases a “progressive approach” by the courts in integrating digital currencies into the country's legal and economic framework. The case involved an employee whose contract included payment in EcoWatt tokens, and the court ruled in favor of honoring this payment without requiring conversion to fiat. This landmark ruling reflects the evolving nature of Web3 financial transactions and underscores the UAE’s commitment to fostering an innovative and inclusive business environment. As Heaver points out, this sets a powerful precedent, affirming that wages—whether paid in fiat or cryptocurrency—are a rightful entitlement under the agreed terms of employment. This decision not only benefits employees but also strengthens the UAE's position as a leader in the digital economy. It’s a major step forward for crypto adoption in the region, highlighting the UAE’s role in shaping the future of finance. #Crypto #Dubai #Blockchain #Web3 #DigitalEconomy #LegalTech #Innovation #UAE

🇦🇪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'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

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

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

Adopting Crypto for Salaries: A Major Milestone in Dubai 🌍 Exciting news from Dubai! A court has officially recognized the use of crypto for salary payments. This groundbreaking decision signals a significant shift towards the broader adoption of crypto assets in the financial and legal landscape. As global companies strive to stay competitive, particularly in the era of remote work, crypto payroll offers unmatched advantages such as instant payments, lower transaction fees, and enhanced financial inclusion for global talent. 💼 Why It Matters: For businesses operating internationally, especially in regions with unstable local currencies or limited banking infrastructure, paying in crypto isn't just a trend—it's a practical solution that simplifies cross-border payments, attracts top talent, and supports financial autonomy. 🔍 Did You Know?: Currently, the global adoption of cryptocurrency for payroll is gaining momentum, with platforms facilitating billions of dollars in monthly transactions. As more companies recognize the benefits—like faster payments and reduced costs—the trend is set to grow exponentially. As we continue to witness these developments, it's clear that crypto is no longer just an investment vehicle—it's becoming a key player in the global payroll landscape. #Crypto #Payroll #Blockchain #Fintech #Dubai #RemoteWork #Innovation links: https://lnkd.in/e6bQx4HA https://lnkd.in/e-sTjAi5

🚀 Dubai Court Recognizes Crypto as Valid Salary Payment! In a groundbreaking move, the Dubai Court of First Instance has recognized salary payments in cryptocurrency as valid under employment contracts. This decision marks a significant shift in the UAE's legal stance, reflecting the growing acceptance of digital currencies in the Web3 economy. In a recent case, the court ruled in favor of an employee whose salary included EcoWatt tokens, ensuring that the crypto payment must be honored without conversion to fiat. This ruling sets a powerful precedent for integrating digital currencies into everyday financial transactions, highlighting the UAE's commitment to fostering an innovative business environment. As Irina Heaver from NeosLegal points out, this is a win for employees and a major step forward for the UAE in becoming a leader in the digital economy. The decision reaffirms that whether paid in fiat or cryptocurrency, wages are the rightful entitlement of employees. #Crypto #Blockchain #Web3 #UAE #DigitalEconomy #Innovation #EmploymentLaw #Dubai #GlobalFinance #Regulation #MarketTrends #CathieWood #StockMarket #cryptobookkeepong #cryptocoa #cryptotaxes #BCSC #Regulation #blickchain #digitalassests #cryptoregulation