Picture for illustrative purposes only. ARCHIVE

The Dubai Court of First Instance has ordered a company to pay its employees in cryptocurrency, in what is considered the first court decision of its kind in Dubai. The verdict came after employees proved that part of their employment contract was payment of over Dh5,000 in cryptocurrency as well as cash salary that they did not receive for six months. The employees also alleged that their employer fired them illegally. According to the Dubai Court, cryptocurrency can be a valid form of salary as agreed upon in the employment contract. The court ordered the employer to pay the workers their dues in cryptocurrency. There are currently no prohibitions against crypto assets in the UAE. In 2022, authorities introduced the Virtual Assets Law, which applies across Dubai and its free zones. The law establishes a licensing framework and defines virtual assets to include cryptocurrencies, tokens, and non-fungible tokens (NFTs). The Dubai Financial Services Authority also accepts cryptocurrency payments for various trade licenses and visas. Companies like OKX, Crypto and Binance pay employees in cryptocurrency. ICA/Expat Media
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