Overview

The current time in the game is based on the server time, which is set to the Amsterdam region.
Server/game time will automatically adjust on relevant summer/winter time schedule for the region.

Events time / notifications time

Anything related to timers that mention of reference to a specific time are about server/game time.
For example your current time might be different compared to the game time, if someone shot at you, the time mentioned in the notification is the time from the game.
So let's say someone took a shot at you at 14:05 game-time, the notification will mention 14:05.
Your own personal timezone based on where you live is different compared to the game-time.
Certain game related events might happen at specific times, such as world bosses spawning happens every 6 hours, so at 00:00 - 06:00 - 12:00 - 18:00 game-time.

Countdown timers

Certain features might contain a countdown timer that counts down automatically.
For example you just committed a crime, you'll have to wait a few minutes/seconds till you can commit a crime again.
The time displayed here is the remaining cooldown time and will automatically count down, keep in mind that timers might get 'stuck' when you browse different tabs on your browser, refreshing the page or switching to another page will reload the countdown timer.