On August 16, the Dubai Court of First Instance officially recognized cryptocurrency as a legitimate form of salary payment. Irina Heaver, a partner at the UAE law firm NeosLegal, noted that this decision in case 1739 of 2024 marks a significant change in the court’s previous stance, which had rejected cryptocurrencies for salary payments due to concerns over their valuation accuracy.
The case involved an employee who had sued their employer for unpaid wages and wrongful termination. The court ruled in favor of the employee, ordering that the crypto salary be paid as outlined in the employment contracts, without converting it to fiat currency.
In other news, cryptocurrency exchanges like Coinbase and KuCoin have applied for crypto licenses in Turkey following updates from the Turkish Capital Markets Board (CMB). On August 9, the CMB reported that 47 crypto companies had applied for licenses under Turkey’s new regulatory framework and by August 18, this number had grown to 76. While major companies like Binance, Bitfinex and OKX were already part of the process, the CMB clarified that being listed as “in operation” doesn’t equate to official authorization, as formal approval is still required.
In the United States, Roman Sterlingov, the founder of the crypto mixer Bitcoin Fog, is contesting a proposed 30-year prison sentence for money laundering charges. On August 15, Sterlingov’s legal team argued in a filing to the United States District Court for the District of Columbia that the sentence is excessive compared to similar cases. The U.S. government alleges that Bitcoin Fog facilitated $400 million in Bitcoin transactions linked to illegal activities, including identity theft, computer fraud and drug trafficking.
Read more: CryptoQuant: Hash Ribbons Indicate Miner Capitulation Ending
Meanwhile, a proposed California bill aimed at preventing AI-related disasters has sparked controversy in Silicon Valley. The bill, known as the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act or SB 1047, was introduced in February by Democratic legislators. It would require AI developers to implement safety protocols, including an “emergency stop” button for AI models, annual third-party audits of AI safety practices and heavy penalties for non-compliance.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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