Dubai Court validates salary payments in cryptocurrency, shifting from prior stance. The employee’s contract in the case in question included both fiat and EcoWatt tokens as payment. The ruling sets a precedent for digital currency adoption in UAE’s financial transactions.

In a landmark ruling, the Dubai Court of First Instance has affirmed the validity of salary payments in cryptocurrency under employment contracts. This ruling marks a significant shift from the court’s previous stance, highlighting a growing acceptance of digital currencies in the UAE’s legal and economic frameworks. Employee sought payment in EcoWatt tokens The case in question, identified as case number 1739 of 2024, involved an employee who had filed a lawsuit claiming that their employer had failed to pay both their regular wages and additional benefits that included cryptocurrencies. The employment contract in dispute specified a monthly salary in fiat currency along with 5,250 EcoWatt tokens. The contention arose from the employer’s inability to pay the crypto portion of the salary for six months. In 2023, the court had initially acknowledged the inclusion of EcoWatt tokens in the contract but did not enforce payment in cryptocurrency due to the lack of a clear method for valuing the tokens in fiat terms. This decision reflected a more traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms. However, today’s ruling represents a progressive shift. The court has now ordered the payment of the salary in EcoWatt tokens as per the employment contract, without requiring conversion to fiat currency. Irina Heaver, a partner at UAE law firm NeosLegal, praised the decision as a step forward in integrating digital currencies into legal frameworks. Heaver noted that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows a consistent application of legal principles in wage determination. Heaver emphasized that the ruling sets a positive precedent for the adoption of digital currencies in financial transactions. She stated, “This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.” This court ruling not only supports employees’ rights to their agreed-upon wages but also signals a significant move towards establishing the UAE as a leader in the digital economy.

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Blockchain Life 2024, one of the world’s leading events in web3, cryptocurrencies and mining sphere, today announced the first wave of its esteemed speaker lineup for the 13th edition of the event.

Bringing together over the 10,000 most influential figures from all over the world on October 22-23, the Blockchain Life 2024 promises to deliver powerful insights on making money during the current Bull Run. Among the first lineup of speakers are:

Justin Sun – Founder of TRON Paolo Ardoino – CEO Tether Yat Siu – Co-Founder of Animoca Brands  Pascal Gauthier – CEO Ledger  Dr. Marwan Alzarouni – CEO Dubai Blockchain Center Xinxi Wang – Co-Founder of Litecoin Foundation Sunny Lu – CEO Vechain Sergei Khitrov – Founder of Jets Capital, Listing.Help Arthur Breitman – Co-Founder of Tezos Eowyn Chen – CEO of Trust Wallet Sunny Aggarwal – Co-Founder of Osmosis Labs Kostas Chalkias – Co-Founder of Sui (Mysten Labs)  Sasha Plotvinov – Founder of Notcoin Mustafa Al-Bassam – Co-Founder of Celestia Labs Tiago Henriques – Google Cloud

Zied Brini – Сonsensys

“We are thrilled to announce this exceptional lineup of speakers for Blockchain Life 2024” said Sergei Khitrov, Founder of the event. “These are just the first speakers and most are still kept secret. For now I can only say that the entire lineup is titans in the field. Their exclusive  insights and expertise will be invaluable to our attendees to benefit from the current bull market.” Blockchain Life 2024 is set to take place on October 22-23 in UAE, Dubai, Festival Arena. The forum will feature a diverse range of panel discussions, keynote presentations, as well as networking opportunities and the largest crypto expo with over 200 booths.

A new feature of this forum is simultaneous translation of speeches into more than 70 languages ​​of the world. This option is absolutely free and is already included in the ticket.

Use our promo code COINJOURNAL10 for a 10% discount when purchasing your ticket. For more information please visit: https://blockchain-life.com/  

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