Dubai court recognizes crypto as valid salary payment: Law Decoded

Dubai’s latest ruling marks a significant shift in the legal acceptance of cryptocurrencies, aligning the UAE with global trends in digital finance.

On Aug. 16, the Dubai Court of First Instance recognized crypto as a valid salary payment option.

Irina Heaver, a partner at United Arab Emirates law firm NeosLegal, explained that the ruling in case 1739 of 2024 is a shift in the court’s stance, which previously denied recognizing cryptocurrencies as valid salary payments due to their lack of precise valuation.

According to Heaver, the case involved a lawsuit claiming that an employee had not been paid their wages by their employer and sought wrongful termination compensation.

The court ruled in favor of the employee and ordered the payment of the crypto salary according to the employment contracts without converting it into fiat.

Coinbase, KuCoin, others file crypto license applications in Turkey

Coinbase, KuCoin and other cryptocurrency exchanges have filed crypto license applications in Turkey following regulatory updates from the Turkish Capital Markets Board (CMB).

On Aug. 9, the CMB announced that 47 crypto companies had applied for licenses under the country’s new regulatory framework; as of Aug. 18, this list expanded to 76.

Binance, Bitfinex and OKX had already been part of the application process as more prominent companies flocked to the Turkish market.

Despite the growing interest, the CMB clarified that those included in this “list of Those in Operation” did not equate to official authorization as each company must obtain formal approval.