Dubai Courts Endorse Cryptocurrency for Salary Payments A New Era in UAE Employment Law

Employment salaries can be legally paid in cryptocurrency, according toDubai courts’ recent historic ruling, indicating a new development the region’s financial and legal sphere. This decision reflects the progressive policies to adopt and integrate new technologies into the society and Dubai’s desire to be a world’s leader in the digital economy.

This is in line with Dubai’s long term vision of greatly adopting both, digital currencies and Blockchain technology. The case that was presided by the Dubai International Financial Centre-Courts was centred round the question of passing of salary in under cryptocurrency and the result was formulated in a manner that would apply to other similar cases in future.

From this case’s decision, it was made clear that cryptocurrency is more than a permissible means to secure employment services compensation, so long as it gets the approval of both employee and employer.

The effects arising from this decision are many, especially in the backdrop increasingly burgeoning digital economy of UAE. It is therefore not surprising that with the DIFC Courts recently establishing the world’s first international Digital Economy Court the UAE is at the forefront of legal structures addressing the benefits of technologically advanced solutions like blockchain and fintech. This brings about improvements in the legal framework relating to digital currencies while at the same creating stability for business in this emerging field of financial innovation.

The legal structure of Dubai in the legal world is considered remarkably flexible and progressive and is still changing in relation to other countries trends. It can therefore be said that through accepting digital currencies, Dubai is preparing the world for acceptance of state backed cryptocurrencies and other advanced digital currencies by denying adaptation of various legal concerns in other jurisdictions.

Quiz by 95Dubai.com