President Ibrahim Mohamed Solih on Wednesday ratified the Electronic Transactions Bill (Law No: 2/2022). Parliament passed the bill at its 29th sitting of the first session, held on Monday, 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. It also 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 comes into effect today. The regulations mandated under the law must be published within ten months of the Act coming into force.