President Ibrahim Mohamed Solih has ratified the Electronic Transactions Bill (Law no: 2/2022) on Wednesday.
The Parliament had passed the bill at its 29th sitting of the first session, held on April 11, 2022.
The Electronic Transactions Act establishes a mechanism to ensure the validity of electronic transactions and to promote the use of trust services in electronic commerce.
The act outlines the policies that govern the use of electronic transactions and trust services.
The objectives of the legislation include ensuring the validity of electronic transactions made locally and abroad, including electronic signatures and trust services, facilitating electronic transactions, and removing legal obstacles to the conduct of electronic transactions.
It also promotes electronic communication through trust services and seeks to establish public confidence in such transactions.
Following ratification, the law has been published in the Government Gazette and came into effect from Wednesday. The press release from the President's Office states that the regulations mandated under the law must be published within ten months of the Act coming into force.
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