Originally published on: August 19, 2024
In a groundbreaking ruling on August 16, the Dubai Court of First Instance officially recognized cryptocurrency as a legitimate option for receiving salary payments. This decision marks a significant shift in the court’s previous stance on cryptocurrencies, as they were previously dismissed due to their volatile valuation.
Irina Heaver, a partner at the NeosLegal law firm in the United Arab Emirates, provided insights into this milestone ruling. Case 1739 of 2024 involved a dispute where an employee alleged non-payment of wages and sought compensation for wrongful termination. The court sided with the employee, ordering the payment of the cryptocurrency salary as per the terms of the employment contract without the need for conversion to fiat currency.
Crypto exchanges like Coinbase and KuCoin are making moves in Turkey, with multiple companies applying for licenses following regulatory updates by the Turkish Capital Markets Board. The number of applicants rose from 47 to 76 within days, demonstrating a growing interest in the Turkish crypto market.
Meanwhile, the legal battle of Roman Sterlingov, the founder of Bitcoin Fog crypto mixer, continues as his legal team argues against the sentencing for money laundering charges in the US. The case highlights the legal complexities surrounding cryptocurrency activities and the need for clarity in regulations.
In California, a controversial bill has sparked debates in the tech community. The proposed legislation, named “Safe and Secure INnovation for Frontier Artificial Intelligence Models Act” or SB 1047, aims to regulate AI developers by implementing safety protocols to prevent potential harms to humanity. If passed, the bill would require AI models to have emergency stop buttons and undergo annual safety audits to ensure compliance.
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