The Options and Criteria for Remuneration in Cryptocurrencies in International Comparison

Abstract

Interest in crypto-asset-based remuneration is growing in parallel with the proliferation of crypto-assets. However, this possibility raises issues of both labour law and financial law. The purpose of this paper is to examine how crypto-assets can be included in the elements of remuneration paid in the context of an employment relationship. While the financial regulation issue is more related to the development of a common regulatory framework for crypto-assets, the labour law provisions, in particular their elements on the protection of wages, constitute a major barrier to the uptake of crypto-remuneration. This issue is covered by relevant components of both international, European (EU) and national (Member State) regulations. The international and national regulatory environment is very restrictive as regards the possibility of remuneration in cryptocurrencies in the context of employment, mainly by restricting it to optional benefits in kind (cafeteria elements). It can be said that, at present, this form of remuneration is so new that there are hardly any specific rules on the subject in the legislation, whereas in many countries of the world, from the USA to the United Arab Emirates, judicial practice is much more flexible than the legislator's approach.