UAE: Could salaries be paid in cryptocurrency soon? Experts explain

UAE: Could salaries be paid in cryptocurrency soon? Experts explain

Digital currencies are already being accepted by some countries.

Published: Sun 27 Mar 2022, 11:58 AM

As virtual assets increasingly gain currency in the UAE and worldwide, industry executives believe that more and more companies will pay salaries in cryptocurrencies and the industry will also be less volatile due to enhanced regulations and legal framework.

Digital currencies are already being accepted by some countries while a few technologies companies have been paying salaries to their employees in cryptos.

With Dubai also introducing legal framework and establishing an authority to regulate virtual assets, industry executives believe that it’s possible that the companies here will also pay salaries in digital currencies and residents paying utility bills and buying products through this new form of currency.

Abu Dhabi Global Markets (ADGM) was the first jurisdiction in the world to introduce a comprehensive and bespoke regulatory framework for the regulation of spot virtual asset activities, including those undertaken by multilateral trading facilities, brokers, custodians, asset managers and other intermediaries. Recently, Dubai also announced law for virtual assets and establishment of Dubai Virtual Asset Regulatory Authority (Vara), which has license to exchanges FTX and Binance of late.

Reflecting growing adoption of digital currencies in the UAE, Emirates Draw and YottaChain International