{"id":94899,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-court-recognizes-crypto-salary-payments-as-valid\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"dubai-court-recognizes-crypto-salary-payments-as-valid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/19\/dubai-court-recognizes-crypto-salary-payments-as-valid\/","title":{"rendered":"Dubai Court recognizes crypto salary payments as valid"},"content":{"rendered":"

Dubai\u2019s Court of First Instance made a landmark ruling recognizing the <\/strong>validity of paying salaries in cryptocurrency<\/strong>, a significant shift from its 2023 ruling, where a similar case was rejected because the employee was unable to provide an accurate valuation of the digital currency, Khaleej Times<\/a> reports. <\/p>\n

The details: <\/strong>The case centers on an employee's lawsuit for unpaid wages, wrongful termination, and benefits. The employee's contract specified a monthly salary in fiat currency and 5k EcoWatt tokens \u2014 which the employer failed to pay for six months. Despite the employer challenging the legality of the crypto payment, Dubai Courts ruled in favor of the employee, ordering payment in EcoWatt tokens as stipulated in the contract, rather than converting them to AED. <\/p>\n

This ruling marks a shift in the court\u2019s approach,<\/strong> by recognizing \u201ccryptocurrency as a valid and enforceable means of remuneration,\u201d according to a note<\/a> by law firm Wasel & Wasel. <\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE\u2019s legal system is adapting to the new financial landscape<\/p>\n","protected":false},"author":1,"featured_media":94900,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1563],"tags":[127,1756,7,134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-cryptocurrency","tag-dubai-courts","tag-enterpriseam-uae","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"db79ee47-d43d-4a3d-b9c7-07d3a5252d3c","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1592.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai Court recognizes crypto salary payments as valid","related_issue":[94885],"teaser":"The UAE\u2019s legal system is adapting to the new financial landscape","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.267122a7-49a8-4414-9741-e62553adef71.mp3"},"yoast_head":"\nDubai Court recognizes crypto salary payments as valid - 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