Media: UAE to consider paying salaries in cryptocurrencies

The industry experts discussed the possible options for the development of this service

29.03.2022 - 09:25

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1 min

What’s new? The UAE authorities may allow to pay salaries and accept utility payments using cryptocurrencies. This opinion is shared by the industry experts, according to Mortgage Pic.

News on the Mortgage Pic website

What do the experts say? A spokesperson for ADGM Emmanuel Givanakis believes that the use of cryptocurrencies in the UAE will expand over the next five years to include payments, deposits, and inter-party settlements.

Mustafa Khraibeh, CEO of Yoshi Markets, noted that the current scenarios of cryptocurrency usage will also expand. Khraibeh mentioned countries such as New Zealand, Japan, and the United Kingdom with successful experiences in paying salaries in cryptocurrencies. With more and more companies in the UAE working with digital assets, the expert suggests a similar trend will soon emerge in the Emirates as well.

DIFX’s Gitto Kataria confirmed that some companies are already paying their employees in BTC, USDT, and ETH. However, he believes that the best way is to pay a certain percentage of salaries in digital assets, by agreeing with employees in advance.

What is known about the current situation in the UAE? Abu Dhabi Global Markets (ADGM) has become the first jurisdiction in the world to introduce a comprehensive regulatory framework for regulating digital assets. Dubai has announced the adoption of the Virtual Assets Law and the creation of the regulatory authority, which has already licensed two trading platforms, Binance and FTX. The country’s cryptocurrency industry is actively developing and supported by the state.

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