Dubai Court Approves Cryptocurrency for Salaries

Dubai's Court of First Instance has approved cryptocurrency as a valid salary payment method, reflecting a major shift in the UAE's digital currency policy.

Dubai's Court of First Instance has reportedly approved cryptocurrency as a valid salary payment method, reflecting a major shift in the UAE’s digital currency policy. This overturns the court's 2023 decision, where a similar case was dismissed due to valuation challenges.

According to local media, the court has ruled in favor of an employee whose contract included payments in both fiat currency and EcoWatt tokens. After experiencing a 6-month delay in receiving token payments, the court reportedly ruled the terms of the contract by allowing salary payments in cryptocurrency without converting them to fiat.

“Cryptocurrency is now legally recognized as a medium of exchange for salary payments in Dubai,” Mario Nawfal, a Lebanese lawyer and legal consultant in Dubai, stated in a post on X.

While this development opens up new possibilities for crypto enthusiasts, it's important to note that the specific cryptocurrency types and the applicable fiat currency are not specified in the reports.

This news comes amidst a broader effort by Dubai to integrate cryptocurrencies into its financial system. In March 2023, the Dubai government announced plans to launch a crypto economy zone and legal framework for digital assets. The move is part of a strategy to attract Web3 and metaverse companies and talents to the emirate.

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