Good news coming to the digital currency space as one of the countries in the Asia region have just approved bitcoin and cryptocurrency for salary payments. It was first rejected in 2023 and now approved by the First court of instance.
This move will have a positive impact in the mass adoption and use of bitcoin. For a country as big and popular like Dubai to make this move, we wait to see similar from neighboring countries or tourist destinations like Dubai.
Dubai can provide tax free (as I remember) policy and it supports Bitcoin as a salary payment. Two policies on tax and salary payment support each other and give citizens in Dubai a good option.
In other countries, you will be taxed if you receive your salary in bitcoin then selling it later to have cash. It is like e-commerce business and you will have to fill report on your e-commerce business in my understanding. In Dubai, you won't have to do this, again in my understanding. It means in other countries, employees who decide to receive salary payment in bitcoin, will have more challenge later when cashing out and probably be charged tax.
Correct me if I am wrong, please.