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For the first time in history, the #Dubai. Court has acknowledged the salary payments in crypto after plaintiff reached court for unpaid wages.
The United Arab Emirates has its image as a crypto-favoring country, where it was among the first few nations to openly endorse and develop this industry. Moreover, Dubai, a city in UAE, is the hub for crypto enthusiasts. From launching its own DMCC Crypto facility to accepting cryptocurrency in payment, the City of Gold has presented a crypto-friendly environment for companies and investors. And now the Dubai court has acknowledged the usage of cryptocurrency for salaries.
Dubai Court Ruling Favoring Crypto For Salary
As per the Wasel & Wasel legal firm, Dubai Court has acknowledged the payment of salaries in the form of cryptocurrency for the first time in history. As per the order, the cryptocurrency payments that are stated in the employment contracts will be accepted legally.
This ruling comes after an ex-employee filed a legal complaint on the failure of the company to pay a portion of their salary, which was in cryptocurrency per their employment contract. The plaintiff has approached the court after facing unpaid wages, wrongful termination compensation, and missing employment benefits. With that, a legal complaint has been booked under case number 1739 of 2024 (Labour).
The issue gains more importance with the revelation of the ex-employee’s missing salary of 5,250 EcoWatt tokens (crypto tokens). The employer failed to pay six months of salary in the form of cryptocurrency before terminating the employment.
After analyzing the circumstances and presenting documents, the Dubai court ruled in favor of the plaintiff while recognizing cryptocurrency as a valid form of salary. The court has ordered to pay the unpaid wages in the EcoWatt tokens itself rather than fiat.
Positive Ruling Comes After Rejection In 2023
However, this year, the the court ruled in favor of the plaintiff after recognizing crypto as a form of salary payment. It gets more interesting as cryptocurrency, especially Bitcoin Reserve is solution to the US National Debt.
The US presidential candidate, Donald Trump, and Senator Cynthia Lummis have spoken of developing policies for strategic Bitcoin reserves, making crypto the most hyped asset among countries. in 2023, the case (Judgment No. 6947 of 2023) came to an unsuitable conclusion as the plaintiff failed to provide the calculated value of the 5,250 EcoWatt tokens. As a result, the Dubai court has gone against the plaintiff and stated.

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The Dubai Virtual Assets Regulatory Authority (VARA) has taken action against seven unlicensed crypto entities for operating without licenses and violating marketing regulations. VARA has issued cease-and-desist orders and imposed fines on these entities. The regulator warned the public of the risks associated with dealing with unlicensed crypto businesses, emphasizing the potential for financial and reputational harm.

Protecting Crypto Investors
The Dubai Virtual Assets Regulatory Authority (#VARA ) has issued cease-and-desist orders against seven entities accused of operating without licenses and violating marketing regulations. In a warning issued on Oct. 9, VARA advised the public to avoid dealing with the unnamed and unlicensed virtual asset businesses.

VARA argued that dealing with such entities could expose users and institutions to financial and reputational risks, as well as potential legal consequences. The regulator added that it would continue to prioritize protecting consumers and investors.

Commenting on VARA’s latest enforcement action against unlicensed operators, the regulator’s Regulatory Affairs and Enforcement team said:

Our priority is to ensure that Dubai’s virtual assets ecosystem remains secure for consumers and investors while being a progressive environment for compliant entities. Market enforcement actions send a reinforcing message: VARA will not tolerate any attempts to operate without appropriate licenses, nor will we allow unauthorized marketing of virtual asset activities.

VARA added that its marketing #Regulations further emphasize #Dubai. 's commitment to ensuring #transparency and always protecting #stakeholders interests.

According to the regulator, the targeted entities have been fined amounts ranging from just over $13,600 to more than $27,000 each. VARA clarified that the severity of the penalties imposed was dependent on the nature and extent of the violations.

Meanwhile, the statement also revealed that VARA is conducting further investigations in conjunction with local authorities.